WMANasdaq CopenhagenBuilding Products & EquipmentIFRS · EUR

WindowMaster International A/S

WindowMaster International A/S is a Danish company that designs and supplies natural and mechanical ventilation solutions for buildings. Its business centers on control systems, actuators, and related components used to manage indoor climate in commercial and institutional properties.

Operating profit (EBIT)8.3m EUR
−53.3 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-1000100200300m EUR2022: 241 m EUR2022: EBIT 3.3 m EUR20222023: 238 m EUR2023: EBIT -1.3 m EUR20232024: 294 m EUR2024: EBIT 18 m EUR20242025: EBIT 8.3 m EUR20258.3
RevenueOperating profit (EBIT)

Business

Share of revenue
Ventilation control systems45 %

Control solutions that automate and manage opening, airflow, and indoor climate in buildings.

Actuators and drives30 %

Electromechanical devices that open and close windows or vents for ventilation control.

Sensors and accessories15 %

Sensors, interfaces, and related components used to measure and regulate ventilation performance.

Service and support10 %

Installation support, spare parts, and technical services for existing systems.

Customers

The company sells to building owners, developers, and contractors that specify ventilation and indoor-climate systems in new construction or renovation projects. It also serves consultants and system integrators that influence technical specifications for commercial buildings, schools, and public facilities.

Building owners and developers

Buy ventilation automation for commercial and institutional buildings to improve indoor climate and energy performance.

Contractors and installers

Purchase actuators, controls, and accessories as part of construction and retrofit projects.

Consultants and specifiers

Influence product selection by writing the technical requirements that determine which systems are installed.

System integrators

Use the company's components within broader building automation and ventilation packages.

Public institutions

Buy for schools, healthcare, and other facilities where ventilation and air quality are important.

Strategy

The company’s strategy is to compete on specialized ventilation technology that can be specified into building projects and integrated into modern indoor-climate systems. Its position depends on engineering capability, relationships with specifiers and contractors, and maintaining relevance in energy-efficient building design.

Specification-led growthMedium term

Winning the design-in stage increases the chance the company’s products are selected for a project.

Retrofit and energy-efficiency demandMedium term

Retrofitting buildings can create recurring demand for ventilation upgrades and controls.

Partner network executionShort term

Installers and integrators are important channels for reaching end customers efficiently.

Geography

WindowMaster International A/S is based in Denmark and serves building markets across Europe and other international regions through a distribution and project-sales model. Its demand is tied to construction activity, retrofit spending, and building-code requirements in the markets where it operates.

Risks

The business is exposed to construction-cycle swings because its products are often purchased as part of building projects and renovations. It also faces competition from alternative ventilation and building-automation solutions, and from changes in building regulations, technical standards, or customer preferences.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Construction-cycle dependence1Specification loss2Competitive pressure3Regulatory and standards risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Construction-cycle dependenceImpact: HighLikelihood: High

    A large share of demand is tied to new-build and renovation project activity.

    Exposure: Project sales to building owners and contractors

  2. Specification lossImpact: HighLikelihood: Medium

    Products must be included early in design and tender stages to be selected.

    ExposureConsultantsEngineersContractors
  3. Competitive pressureImpact: MediumLikelihood: High

    The company competes with other building-automation and ventilation suppliers.

    Exposure: Pricing and channel share

  4. Regulatory and standards riskImpact: MediumLikelihood: Medium

    Ventilation products must fit changing building codes and performance requirements.

    Exposure: Product design and market acceptance

Accounting

Judgemental items
Revenue recognition timing

Project deliveries and installations may trigger revenue recognition at different points in time.

Impact: Affects reported quarterly revenue and working-capital movements

Inventory valuation

Actuators, controls, and spare parts require valuation for obsolescence and slow-moving stock.

Impact: Can influence gross profit and write-downs

Capitalized development costs

Product and control-system development may require judgment on capitalization versus expense.

Impact: Changes reported assets and operating profit

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026