Income Statement WindowMaster International A/S

Stocks

WMA

DK0064532444

Environmental Services & Equipment

Market Closed - Nasdaq Copenhagen 11:20:00 2026-09-11 EDT			5-day change	1st Jan Change
765.00 ^DKK	-0.65%		+2.68%	-18.51%

08-21	WindowMaster International A/S, H1 2026 Earnings Call, Aug 21, 2026
08-21	WindowMaster International A/S Reports Earnings Results for the Half Year Ended June 30, 2026	CI

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Published financial data: WINDOWMASTER INTERNATIONAL A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Revenues	211M	241M	238M	294M	269M
Total Revenues	211M	241M	238M	294M	269M
Cost of Goods Sold, Total	123M	138M	126M	157M	138M
Gross Profit	88M	104M	112M	138M	131M
Selling General & Admin Expenses, Total	78.33M	86.83M	92.67M	101M	103M
Depreciation & Amortization - (IS)	9.03M	11.41M	20.61M	19.62M	19.44M
Other Operating Expenses, Total	87.36M	98.24M	113M	120M	123M
Operating Income	645K	5.31M	-1.34M	17.68M	8.26M
Interest Expense, Total	-2.96M	-7.04M	-4.53M	-4.18M	-3.32M
Interest And Investment Income	1.21M	2.77M	204K	345K	470K
Net Interest Expenses	-1.75M	-4.27M	-4.33M	-3.84M	-2.85M
Currency Exchange Gains (Loss)	-	-	-844K	-1.05M	-1.46M
Other Non Operating Income (Expenses)	-	-	-509K	-612K	-1.04M
EBT, Excl. Unusual Items	-1.11M	1.04M	-7.02M	12.18M	2.91M
EBT, Incl. Unusual Items	-1.11M	1.04M	-7.02M	12.18M	2.91M
Income Tax Expense	841K	843K	4.06M	1.58M	2.04M
Earnings From Continuing Operations	-1.95M	201K	-11.08M	10.6M	869K
Net Income to Company	-1.95M	201K	-11.08M	10.6M	869K
Net Income - (IS)	-1.95M	201K	-11.08M	10.6M	869K
Net Income to Common Incl Extra Items	-1.95M	201K	-11.08M	10.6M	869K
Net Income to Common Excl. Extra Items	-1.95M	201K	-11.08M	10.6M	869K
Per Share Items
Net EPS - Basic	-13.42	1.39	-81.97	78.45	5.9
Basic EPS - Continuing Operations	-13.42	1.39	-81.97	78.45	5.9
Basic Weighted Average Shares Outstanding	145K	145K	135K	135K	147K
Net EPS - Diluted	-13.42	1.39	-82	78	5.9
Diluted EPS - Continuing Operations	-13.42	1.39	-82	78	5.9
Diluted Weighted Average Shares Outstanding	145K	145K	135K	145K	154K
Normalized Basic EPS	-4.76	4.5	-32.46	56.35	12.33
Normalized Diluted EPS	-4.76	4.5	-32.46	52.5	11.81
Payout Ratio	-	-	-	-	684.57
Supplemental Items
EBITDA	7.8M	13.26M	3.56M	21.78M	11.89M
EBITA	6.03M	11.47M	1.71M	20.13M	9.97M
EBIT	645K	5.31M	-1.34M	17.68M	8.26M
EBITDAR	-	-	4.34M	22.91M	12.87M
Effective Tax Rate - (Ratio)	-76	80.71	-57.82	12.99	70.11
Total Current Taxes	2.53M	1.81M	1.92M	1.77M	938K
Total Deferred Taxes	-1.8M	-1.88M	1.33M	-415K	961K
Normalized Net Income	-691K	653K	-4.39M	7.61M	1.82M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.24M	3.46M	3.47M	3.12M	3.12M
Net Rental Expense, Total	-	-	778K	1.13M	979K
Imputed Operating Lease Interest Expense	-	-	408K	568K	393K
Imputed Operating Lease Depreciation	-	-	370K	563K	586K

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Assets
Cash And Equivalents	27.04M	3.04M	2.51M	3.42M	4.01M
Total Cash And Short Term Investments	27.04M	3.04M	2.51M	3.42M	4.01M
Accounts Receivable, Total	26.55M	36.14M	43.62M	45.08M	35.92M
Other Receivables	6.74M	5.7M	6.41M	6.12M	2.56M
Total Receivables	33.29M	41.85M	50.03M	51.2M	38.49M
Inventory	44.3M	34.14M	29.66M	31.47M	29.21M
Prepaid Expenses	2.72M	2.9M	2.63M	2.76M	4.67M
Deferred Tax Assets Current	2.94M	4.83M	-	-	-
Total Current Assets	110M	86.76M	84.84M	88.86M	76.38M
Gross Property Plant And Equipment	21.3M	22.54M	52.83M	60.82M	62.24M
Accumulated Depreciation	-15.97M	-17.18M	-19.05M	-20.76M	-20.61M
Net Property Plant And Equipment	5.33M	5.36M	33.78M	40.06M	41.63M
Long-term Investments	985K	987K	1.15M	1.14M	1.15M
Goodwill	9.08M	7.63M	-	-	-
Other Intangibles, Total	11.37M	20.83M	22.53M	16.48M	16.37M
Deferred Tax Assets Long-Term	-	-	4.13M	4.55M	3.59M
Deferred Charges Long-Term	10.14M	-	-	-	-
Other Long-Term Assets, Total	-	-	2.6M	-	2.81M
Total Assets	147M	122M	149M	151M	142M
Liabilities
Accounts Payable, Total	24.37M	17.19M	20.08M	21.31M	17.72M
Accrued Expenses, Total	12.5M	10.86M	10.85M	8.9M	8.83M
Short-term Borrowings	62.23M	42.65M	37.31M	-	-
Current Portion of Long-Term Debt	-	-	-	27.31M	30.33M
Current Portion of Leases	-	-	8.79M	9.49M	10.04M
Current Income Taxes Payable	871K	809K	1.86M	1.42M	913K
Unearned Revenue Current, Total	4.25M	4.27M	7.61M	4.56M	6.09M
Other Current Liabilities	4.11M	5.57M	12.03M	8.84M	6.13M
Total Current Liabilities	108M	81.34M	98.53M	81.84M	80.05M
Long-Term Debt	-	-	-	11.28M	11.3M
Long-Term Leases	-	-	21.13M	17.8M	14.74M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	4.78M	5.82M	3.43M	3.54M	3.35M
Total Liabilities	113M	87.16M	123M	114M	109M
Common Stock, Total	14.51M	14.51M	14.51M	14.51M	14.74M
Retained Earnings	19.58M	18.9M	1.38M	11.98M	9.82M
Comprehensive Income and Other	-	995K	10.03M	10.14M	7.92M
Total Common Equity	34.09M	34.4M	25.92M	36.63M	32.47M
Total Equity	34.09M	34.4M	25.92M	36.63M	32.47M
Total Liabilities And Equity	147M	122M	149M	151M	142M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	145K	145K	145K	145K	147K
ECS Total Common Shares Outstanding	145K	145K	145K	145K	147K
Book Value / Share	234.9	237.06	178.62	252.43	220.33
Tangible Book Value	13.64M	5.95M	3.4M	20.15M	16.1M
Tangible Book Value Per Share	94.01	40.97	23.4	138.85	109.27
Total Debt	62.23M	42.65M	67.23M	65.89M	66.41M
Net Debt	35.19M	39.61M	64.72M	62.47M	62.4M
Debt Equivalent Oper. Leases	-	-	6.22M	9.05M	7.84M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	-	-	20.35M	23.39M	19.78M
Inventories - Work In Process, Total	30.88M	24.64M	-	-	-
Inventories - Finished Goods, Total	13.42M	9.5M	10.35M	9.16M	10.5M
Land - (BS)	-	-	-	13.16M	13.62M
Machinery, Total	18.34M	19.34M	20.71M	22.1M	20.84M
Full Time Employees	127	131	130	136	146
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	724K	1.23M	486K

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Net Income	-1.95M	201K	-11.08M	10.6M	869K
Depreciation & Amortization - CF	1.76M	1.8M	10.66M	10.64M	11.51M
Amortization of Goodwill and Intangible Assets - (CF)	5.39M	6.16M	3.05M	2.45M	1.71M
Depreciation & Amortization, Total	7.15M	7.95M	13.71M	13.08M	13.22M
Amortization of Deferred Charges, Total - (CF)	2.24M	3.46M	6.9M	6.54M	6.22M
(Gain) Loss From Sale Of Asset	-370K	-	-	-	-
Other Operating Activities, Total	-1.71M	-4.2M	4.2M	-1.2M	2.6M
Change In Accounts Receivable	-3.81M	-9.19M	-4.13M	-4.51M	10.69M
Change In Inventories	-20.04M	10.16M	4.48M	-1.81M	2.27M
Change In Accounts Payable	13.42M	-7.25M	3.95M	787K	-4.1M
Change in Other Net Operating Assets	-1.71M	3.99M	3.26M	4.66M	-3.3M
Cash from Operations	-6.77M	5.13M	21.3M	28.15M	28.46M
Capital Expenditure	-2.23M	-1.84M	-1.35M	-15.05M	-1.56M
Cash Acquisitions	-	-372K	-620K	-653K	-
Sale (Purchase) of Intangible assets	-20.14M	-7.31M	-4.18M	-1.89M	-7.82M
Cash from Investing	-22.37M	-9.51M	-6.15M	-17.59M	-9.37M
Short Term Debt Issued, Total	37.32M	2.82M	-	1.28M	-
Total Debt Issued	37.32M	2.82M	-	1.28M	-
Short Term Debt Repaid, Total	-	-	-5.34M	-	-
Long-Term Debt Repaid, Total	-	-	-10.45M	-11.15M	-11.62M
Total Debt Repaid	-	-	-15.79M	-11.15M	-11.62M
Issuance of Common Stock	1.5M	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-574K
Common Dividends Paid	-	-	-	-	-5.95M
Common & Preferred Stock Dividends Paid	-	-	-	-	-5.95M
Cash from Financing	38.82M	2.82M	-15.79M	-9.87M	-18.14M
Foreign Exchange Rate Adjustments	264K	-36.96K	109K	220K	-359K
Net Change in Cash	9.94M	-1.6M	-528K	910K	584K
Supplemental Items
Cash Interest Paid	2.96M	7.04M	7.02M	7.83M	4.36M
Cash Income Tax Paid (Refund)	2.55M	5.04M	2.36M	2.78M	900K
Levered Free Cash Flow	-27.64M	-6.68M	18.13M	607K	20.88M
Unlevered Free Cash Flow	-25.79M	-2.29M	20.97M	3.22M	22.95M
Change In Net Working Capital	13.22M	7.88M	-6.71M	10.51M	-7.72M
Net Debt Issued / Repaid	37.32M	2.82M	-15.79M	-9.87M	-11.62M

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Profitability
Return on Assets	0.34	2.69	-0.56	7.36	3.52
Return on Total Capital	0.52	4.4	-0.84	11.3	5.12
Return On Equity %	-5.72	0.59	-36.74	33.89	2.52
Return on Common Equity	-5.72	0.59	-36.74	33.89	2.52
Margin Analysis
Gross Profit Margin %	41.63	42.89	47.04	46.84	48.79
SG&A Margin	37.05	35.96	38.94	34.18	38.48
EBITDA Margin %	3.69	5.49	1.5	7.4	4.43
EBITA Margin %	2.85	4.75	0.72	6.84	3.71
EBIT Margin %	0.31	2.2	-0.56	6	3.07
Income From Continuing Operations Margin %	-0.92	0.08	-4.65	3.6	0.32
Net Income Margin %	-0.92	0.08	-4.65	3.6	0.32
Net Avail. For Common Margin %	-0.92	0.08	-4.65	3.6	0.32
Normalized Net Income Margin	-0.33	0.27	-1.84	2.59	0.68
Levered Free Cash Flow Margin	-13.07	-2.77	7.62	0.21	7.77
Unlevered Free Cash Flow Margin	-12.2	-0.95	8.81	1.09	8.54
Asset Turnover
Asset Turnover	1.76	1.96	1.59	1.96	1.83
Fixed Assets Turnover	43.97	45.15	7.1	7.98	6.58
Receivables Turnover (Average Receivables)	9	7.7	5.97	6.64	6.63
Inventory Turnover (Average Inventory)	3.6	3.52	3.95	5.12	4.53
Short Term Liquidity
Current Ratio	1.02	1.07	0.86	1.09	0.95
Quick Ratio	0.56	0.55	0.53	0.67	0.53
Operating Cash Flow to Current Liabilities	-0.06	0.06	0.22	0.34	0.36
Days Sales Outstanding (Average Receivables)	40.58	47.39	61.16	55.12	55.04
Days Outstanding Inventory (Average Inventory)	101.4	103.83	92.39	71.47	80.52
Average Days Payable Outstanding	44.84	59.38	55.95	47.84	52.66
Cash Conversion Cycle (Average Days)	97.14	91.84	97.59	78.75	82.9
Long Term Solvency
Total Debt/Equity	182.54	123.97	259.34	179.86	204.51
Total Debt / Total Capital	64.61	55.35	72.17	64.27	67.16
LT Debt/Equity	-	-	81.51	79.39	80.2
Long-Term Debt / Total Capital	-	-	22.68	28.37	26.34
Total Liabilities / Total Assets	76.84	71.7	82.6	75.75	77.12
EBIT / Interest Expense	0.22	0.75	-0.29	4.23	2.49
EBITDA / Interest Expense	2.64	1.88	2.73	7.36	6.47
(EBITDA - Capex) / Interest Expense	1.88	1.62	2.43	3.76	6
Total Debt / EBITDA	7.98	3.22	5.43	2.14	3.09
Net Debt / EBITDA	4.51	2.99	5.23	2.03	2.91
Total Debt / (EBITDA - Capex)	11.17	3.73	6.1	4.19	3.33
Net Debt / (EBITDA - Capex)	6.32	3.47	5.87	3.98	3.13
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.59	14.2	-1.42	23.74	-8.79
Gross Profit, 1 Yr. Growth %	11.31	17.67	0.18	23.22	-5
EBITDA, 1 Yr. Growth %	-28.53	32.08	-76.33	511.64	-45.4
EBITA, 1 Yr. Growth %	-35.69	38.52	-48.6	1.07K	-50.48
EBIT, 1 Yr. Growth %	-68.33	722.61	-140.1	-1.42K	-53.31
Earnings From Cont. Operations, 1 Yr. Growth %	334K	-110.35	465.17	-195.7	-91.8
Net Income, 1 Yr. Growth %	334K	-110.35	465.17	-195.7	-91.8
Normalized Net Income, 1 Yr. Growth %	-243.28	-194.41	300.24	-273.58	-76.14
Diluted EPS Before Extra, 1 Yr. Growth %	331K	-110.35	446.67	-195.12	-92.48
Accounts Receivable, 1 Yr. Growth %	29.81	36.13	20.68	3.36	-20.31
Inventory, 1 Yr. Growth %	82.61	-22.93	-13.13	6.12	-7.2
Net Property, Plant and Equip., 1 Yr. Growth %	24.57	0.5	1.64	18.61	3.91
Total Assets, 1 Yr. Growth %	57.4	-2.59	-0.71	1.4	-6.07
Tangible Book Value, 1 Yr. Growth %	-40.32	69.74	-42.68	493.31	-20.08
Common Equity, 1 Yr. Growth %	0.28	0.92	-24.61	41.32	-11.36
Cash From Operations, 1 Yr. Growth %	-138.91	-175.78	48.01	32.16	-3.3
Capital Expenditures, 1 Yr. Growth %	273.47	-17.57	-26.41	1.01K	-89.67
Levered Free Cash Flow, 1 Yr. Growth %	-393.02	-75.81	63.21	-96.65	3.34K
Unlevered Free Cash Flow, 1 Yr. Growth %	-320.77	-91.13	62.17	-84.65	612.84
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.41	12.89	6.1	10.44	6.23
Gross Profit, 2 Yr. CAGR %	2.76	14.44	12.79	11.11	8.2
EBITDA, 2 Yr. CAGR %	-26.78	10.26	-40.45	20.33	82.74
EBITA, 2 Yr. CAGR %	-31.5	10.56	-54.5	145.76	141.22
EBIT, 2 Yr. CAGR %	-64.02	61.4	43.9	130.34	148.52
Earnings From Cont. Operations, 2 Yr. CAGR %	118.51	1.76K	138.51	132.57	-71.99
Net Income, 2 Yr. CAGR %	118.51	1.76K	138.51	132.57	-71.99
Normalized Net Income, 2 Yr. CAGR %	-28.51	16.31	151.87	163.58	-35.64
Diluted EPS Before Extra, 2 Yr. CAGR %	-	1.75K	147.22	128.04	-73.18
Accounts Receivable, 2 Yr. CAGR %	9.02	32.93	28.17	11.69	-9.25
Inventory, 2 Yr. CAGR %	19.73	18.64	-18.18	-3.99	-0.77
Net Property, Plant and Equip., 2 Yr. CAGR %	1.05	11.89	151.65	9.8	11.02
Total Assets, 2 Yr. CAGR %	20.27	14.01	9.27	0.34	-2.41
Tangible Book Value, 2 Yr. CAGR %	149.08	-49	-1.53	84.42	117.75
Common Equity, 2 Yr. CAGR %	70.93	0.6	-12.8	3.22	11.92
Cash From Operations, 2 Yr. CAGR %	-20.37	-45.7	77.37	39.86	15.6
Capital Expenditures, 2 Yr. CAGR %	17.19	75.45	-22.12	186.32	7.29
Levered Free Cash Flow, 2 Yr. CAGR %	-	-15.81	-19	-76.63	7.3
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-55.75	-9.83	-50.1	4.62
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	6.2	7.9	11.68	3.62
Gross Profit, 3 Yr. CAGR %	-	7.5	12.29	16.16	5.46
EBITDA, 3 Yr. CAGR %	-	-3.02	-31.15	29.44	-7.54
EBITA, 3 Yr. CAGR %	-	-3.74	-43.26	34.48	44.08
EBIT, 3 Yr. CAGR %	-	2.11	-13.12	201.45	35.3
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-20.95	2.57K	75.92	-23.74
Net Income, 3 Yr. CAGR %	-	-20.95	2.57K	75.92	-23.74
Normalized Net Income, 3 Yr. CAGR %	-	-21.57	108.7	122.48	18.36
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	2.63K	79.81	-26.74
Accounts Receivable, 3 Yr. CAGR %	-	17.4	28.72	19.3	-0.2
Inventory, 3 Yr. CAGR %	-	3.38	6.93	-10.77	-5.07
Net Property, Plant and Equip., 3 Yr. CAGR %	-	0.87	99.07	95.84	7.8
Total Assets, 3 Yr. CAGR %	-	6.1	16.8	6.58	-1.85
Tangible Book Value, 3 Yr. CAGR %	-	39.31	-47.04	79.18	39.55
Common Equity, 3 Yr. CAGR %	-	43.4	-8.64	2.43	-1.89
Cash From Operations, 3 Yr. CAGR %	-	-21.67	6.97	60.8	25.52
Capital Expenditures, 3 Yr. CAGR %	-	4.22	31.33	89.06	-5.38
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	24.35	-72	23.4
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	21.53	-50.02	21.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	7.88	7.23
Gross Profit, 5 Yr. CAGR %	-	-	-	10.6	10.64
EBITDA, 5 Yr. CAGR %	-	-	-	8.41	1.74
EBITA, 5 Yr. CAGR %	-	-	-	9.38	1.22
EBIT, 5 Yr. CAGR %	-	-	-	28.8	32.28
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	91.86	331.21
Net Income, 5 Yr. CAGR %	-	-	-	91.86	331.21
Normalized Net Income, 5 Yr. CAGR %	-	-	-	41.28	30.36
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	329.23
Accounts Receivable, 5 Yr. CAGR %	-	-	-	15.08	11.93
Inventory, 5 Yr. CAGR %	-	-	-	0.37	3.78
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	50.3	57.6
Total Assets, 5 Yr. CAGR %	-	-	-	8.23	8.7
Tangible Book Value, 5 Yr. CAGR %	-	-	-	55.74	-6.77
Common Equity, 5 Yr. CAGR %	-	-	-	25.71	-0.91
Cash From Operations, 5 Yr. CAGR %	-	-	-	21.39	10.34
Capital Expenditures, 5 Yr. CAGR %	-	-	-	56.14	21.13
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	17.22
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	14.46