Company Announcement No. 081-2026 - Interim report (full H1-2026 report).
Financial Highlights H1 2026 – Growth in Order Intake, Revenue and EBITDA, and a positive outlook into 2027.
- Order intake increased 6.2% (12-month rolling) to DKK 284.5m in H1 2026 (H1 2025: DKK 267.8m). A positive outlook on opportunity pipeline provides confidence for the rest of year and into 2027. This is a record high H1 order intake.
- Revenue increased 2.5% to DKK 126.9m in H1 2026 (H1 2025: DKK 123.8m)
- EBITDA increased to DKK 3.8m (H1 2025: DKK 1.9m) corresponding to an EBITDA margin of 3.0% (H1 2025: 1.5%)
- Management has decided to adjust the fixed costs base with a yearly effect close to DKK 10m with full effect from 2027 if the Climatic A/S safety business is divested (company announcement no. 080-2026)
- The positive outlook for 2026 remains unchanged from updated guidance (company announcement no. 079-2026). Revenue is expected to be in the range of DKK 285-305m and EBITDA between DKK 30-40m.
FINANCIAL KEY FIGURES H1 2026
MARKET ACTIVITY
In Q1 2026, market activity softened – as already indicated in the updated guidance (company announcement no. 079-2026) - with many projects on hold or delayed due to winter weather situation in Europe. Activity picked up again in Q2 despite overall uncertainty in the global economy. Our project pipeline remains healthy, and the market reluctance and delays seen in Q1 are giving way to increased activity, as clients are increasingly unlocking stalled decisions and projects across our key markets. Also, investments in intelligent fire-safety and hybrid natural-ventilation systems continue to accelerate.
Order intake on a 12-month rolling basis closed at DKK 284.5m at the end of June 2026, up from DKK 267.8m end of June 2025.
- Since Q2 2025, we have seen growth in order intake, particularly in our Buildings business area, representing our project and service business. Here, we have seen a growth of 31% in 12-month rolling order intake. In the Buildings business area, we participate directly as an integrator in building design and implementation. The Buildings business area is now the biggest business area for WindowMaster and supports the successful execution of the Accelerate Core strategy from 2022.
- Within the Products business area, WindowMaster is more indirectly involved in the sales process, which also includes products sales for key-accounts. Order intake on a 12-month rolling basis has declined 12%.
- The Safety business area has seen a decline in order intake of 21%. Decisions have been taken to mediate the overall business (company announcement 080-2026).
- Excluding the Safety business area, the growth in order intake was a 7.9% on a 12-month rolling basis.
Quarterly developments in order intake:
FINANCIAL DEVELOPMENTS H1 2026
Revenue
Revenue in H1 amounted to DKK 126.9m (H1 2025: DKK 123.8m) equivalent to an increase of 2.5%, primarily attributed to the Buildings business area.
Quarterly developments in Revenue:
Gross profit
Gross profit amounted to DKK 58.3m in H1 (H1 2025: DKK 53.7m) equivalent to a gross margin of 45.9% (H1 2025: 43.4 %). The gross margin increase is primarily attributable to a higher share of revenue from the Buildings business area and lower share from the Products and Safety business areas.
EBITDA
Operating profit (EBITDA) amounted to DKK 3.8m in H1 (H1 2025: DKK 1.9m) equivalent to an EBITDA margin of 3.0% (H1 2025: 1.5%). The increase in the EBITDA margin is a consequence of the above-mentioned gross margin developments. The level is in line with our latest guidance (company announcement no. 079-2026). Management has decided to adjust the fixed costs base with a yearly effect close to DKK 10m – with full effect from 2027 if the Climatic A/S safety business is divested (company announcement no. 080-2026). However, maintaining a highly skilled labour force is seen as a prerequisite to be able to execute on our strategy and the potential growth that is foreseen in 2027.
Quarterly development in EBITDA and EBIT
Cash flow and working capital
Cash flow from operating activities in H1 amounted to DKK 0.4m (H1 2025: DKK 3.4m), which relates to an increase in working capital – which is driven by a build-up in trade receivables, inventories and prepayments, only partly offset by higher trade payables. Working capital is expected to decrease in the 2nd half with a strong cash conversion. Cash flow from investment activities in H1 amounted to DKK -6.7m (H1 2025: DKK -3.9m). DKK 4.5m relates to property, plant and equipment, primarily the refurbishment and upgrade of the production facility in Herford (Germany), and DKK 2.2m investments in intangible assets, mainly software and development projects. The refurbishment in Germany will continue during 2027 and into 2028 with a total investment of close to DKK 20m. The investment is financed via a mortgage loan.
At the end of H1, net working capital amounted to DKK 37.2m (H1 2025: DKK 34.0m). Net working capital as a percentage of revenue (12month rolling) increased to 13.7% (H1 2025: 12.2%).
Cash and financial position
Net interest-bearing debt (including leasing liabilities) at the end of H1 amounted to DKK 74.0m (H1 2025: DKK 72.9m). The change is primarily related to the refurbishment of the production facility in Germany and increase in working capital. Access to capital and good banking relationships continue to be a source of competitive advantage.
Financial gearing calculated as NIBD/EBITDA amounted to 2.5 at the end of H1 (12 months EBITDA). (H1 2025: 3.2, full year 2025: 2.3). The medium-term target is to be below 2.0.
At the end of H1, equity amounted to DKK 25.7m (H1 2025: DKK 23.6m), equivalent to an equity ratio of 15.9% (net cash). The target is to be above 30%.
Risks
WindowMaster is exposed to market risks including currency risks, interest risks, credit risks and commodity price risks as part of its ongoing operations and investment activities. As a supplier to the global construction industry, the company is also exposed to cyclical market developments and a potential economic slowdown.
The key commercial risks relate to the company’s ability to effectively manage the anticipated growth. This involves attracting sufficient and skilled employees and safeguarding the level of competencies and market knowledge within the company. Additionally, the company is dependent on consistent and timely delivery of materials from suppliers to the assembly facility in Herford, Germany.
Unforeseen events such as geo-political uncertainty and development in inflation/interest rates may impact developments in the remainder of the year.
CONFERENCE CALL
WindowMaster invites investors to participate in a live video event on 21 August 2026 at 13:00-13:30 CET. The company’s CEO, Erik Boyter, and CFO, Steen Overgaard Sørensen, will present the company’s half year report in English. (Register at: WindowMaster – Presentation of H1 2026 Interim Report - Inderes)
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘outlook’, ‘guidance’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.
For further information:
CEO, Erik Boyter
+45 4567 0300
WindowMaster International A/S
Skelstedet 13, 2950 Vedbæk
Certified Advisor
HC Andersen Capital
Bredgade 23B, 2. sal, 1260 København K