WindowMaster updates guidance for 2022 and announces expectations of 10-15% growth in 2023

WindowMaster is updating its guidance for 2022 to revenue DKK 233-236m and EBITDA DKK 14-16m. In 2023, revenue is expected to grow 10-15% to DKK 260-270m. EBITDA is expected to increase to DKK 23-28m. The positive outlook for 2023 is confirmed by historical high order intake in 2022.

Company Announcement No. 031-2022 - Inside information
Vedbaek, 7th December 2022

Raised guidance for 2022

WindowMaster is updating the guidance for 2022 to the upper part of the previously announced range. Revenue is now expected to be in the range DKK 233-236m (previous expectation: DKK 220-235 mill.) and EBITDA in the range DKK 14-16m (previous expectation: DKK 13-18 mill.), equivalent to an EBITDA-margin of approximately 6-7%. Revenue growth in 2022 has been related to growth in all segments and impact from the Accelerate Core-strategy. North America now accounts for approximately 5% of revenue.

Order intake for the full year 2022 is expected to be in the range DKK 255-260m, contingent upon closing of specific orders by the end of December.

Cash flow from operations is expected to have developed positively in H2, resulting in asignificantly lower financial gearing at the end of 2022 (End H1 2022: NIBD/EBITDA 3.8).

Outlook for 2023

In 2023, revenue is expected to grow organically by approximately 10-15% to DKK 260-270 mill. and EBITDA to grow to DKK 23-28 mill., equivalent to an EBITDA-margin of the 9-10% range.

The permanent price increases implemented at the beginning of 2022 in response to global supply chain constraints have been maintained. However, no further general price increases are expected at the beginning of 2023. In general, input prices have stabilized, and freight rates have normalized.

Improved profitability and high cash conversion is expected to lead to further reductions in the financial gearing. Thus, NIBD/EBITDA is expected to be well below the target of maximum 2.0 by the end of 2023.
 

Unforeseen events such as geo-political uncertainty and supply disruptions may impact developments in 2023.

Erik Boyter, CEO comments on the positive outlook for 2023 and the updated guidance for 2022: “We are pleased to report that our business has developed positively in 2022 on all important parameters. Our products and strategic focus on intelligent natural ventilation solutions have never been more relevant. As a cleantech company with a strong sustainability profile, we have a very strong position with respect to sustainable commercial building projects, while we have limited exposure to the residential building sector and OEMs, where volatility is currently higher. We see particular strong growth prospects in DK, UK and North America in 2023”.