Interim report
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WindowMaster International A/S Management commentary Financial highlights (unaudited) H1-2026 DKK'000 H1-2025 DKK'000 FY-2025 DKK'000 Key figures Revenue 126.883 123.830 268.589 Gross profit 58.253 53.741 131.056 EBITDA 3.777 1.884 27.696 Operating profit/loss -6.087 -7.340 8.255 Net financials -2.900 -2.576 -5.347 Profit/loss for the year -6.929 -8.511 870 Total assets 165.698 160.009 141.919 Investment in property, plant & equipment 4.499 888 1.555 Equity 25.673 23.578 32.473 Ratios Return of equity -28,1% -33,2% 2,5% Equity ratio 15,5% 14,7% 22,9% Equity ratio (net cash) 15,9% 15,0% 23,5% Ratios Return on equity % Equity ratio % The financial strength of the entity. Equity ratio (net cash) % Equity X 100 / Total assets In equity ratio (net cash), bank loans and cash have been netted out within the total assets amount. Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the Danish Society of Financial Analysts. Calculation formula Calculation formula reflects Profit/loss of the year X 100 / Avg. equity The entity's return on capital invested in the entity by the owners.
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WindowMaster International A/S Consolidated income statement for 01.01.2026 - 30.06.2026 H1-2026 H1-2025 FY-2025 DKK'000 DKK'000 DKK'000 Revenue 126.883 123.830 268.589 Cost of sales -39.354 -39.987 -82.680 Freight and other cost of sales -3.099 -1.754 -3.299 External expenses -26.177 -28.348 -51.554 Gross profit 58.253 53.741 131.056 Staff costs -54.476 -51.857 -103.360 Depreciation, amortisation and impairment losses -9.864 -9.224 -19.441 Operating profit/loss -6.087 -7.340 8.255 Other financial income 1.015 1.271 2.133 Other financial expenses -3.915 -3.847 -7.480 Profit/loss before tax -8.987 -9.916 2.908 Tax on profit/loss for the year 2.058 1.405 -2.038 Profit/loss for the year -6.929 -8.511 870 Other comprehensive income Items that may be reclassified to profit or loss: Exchange difference on translation of foreign operations 128 -10 140 Total comprehensive income for the period -6.801 -8.521 1.010
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WindowMaster International A/S Consolidated balance sheet as at 30.06.2026 Assets H1-2026 H1-2025 FY-2025 DKK'000 DKK'000 DKK'000 Software 7.112 5.350 7.622 Completed Development projects 5.326 8.456 6.699 Development projects in progress 2.385 646 1.763 Acquired customer contracts 315 1.142 286 Intangible assets 15.138 15.594 16.370 Land and buildings 14.860 13.131 13.360 Other fixtures and fittings, tools and equipment 4.232 3.493 2.904 Right-of-use-assets 21.069 21.718 23.805 Leasehold improvements 2.140 1.536 1.560 Property, plant and equipment 42.301 39.878 41.629 Deposits 1.160 1.148 1.148 Non-current financial assets 1.160 1.148 1.148 Deferred tax 5.903 6.482 3.588 Receivables from related parties 3.379 2.701 2.808 Non-current assets 67.881 65.803 65.543 Inventories 33.868 33.635 29.207 Trade receivables 40.052 41.180 31.780 Contract work in progress 6.177 6.902 4.144 Income tax receivables 1.201 1.869 1.113 Other receivables 4.268 3.030 1.450 Prepayments 7.673 4.433 4.673 Receivables 59.371 57.414 43.160 Cash 4.578 3.157 4.009 Current assets 97.817 94.206 76.376 Total assets 165.698 160.009 141.919
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WindowMaster International A/S Consolidated balance sheet as at 30.06.2026 Liabilities H1-2026 H1-2025 FY-2025 DKK'000 DKK'000 DKK'000 Share capital 14.738 14.563 14.738 Reserve for current value adjustments of currency gains 1.822 1.564 1.694 Warrant programs 258 8.240 6.225 Proposed dividends 0 -5.490 0 Retained earnings 8.855 4.701 9.816 Equity 25.673 23.578 32.473 Lease liabilities 11.898 13.746 14.743 Bank loans 12.894 10.989 11.300 Other payables 3.549 3.540 3.349 Non-current liabilities 28.341 28.275 29.392 Current portion of long-term liabilities 161 599 161 Lease liabilities 10.069 8.771 10.040 Bank loans 43.754 42.588 30.328 Contract liabilities 8.179 7.561 6.090 Trade payables 28.936 30.130 17.722 Income tax payables 1.700 920 913 Provisions 1.485 841 812 Other payables 17.400 16.746 13.988 Current liabilities 111.684 108.156 80.054 Liabilities 140.025 136.431 109.446 Equity and liabilities 165.698 160.009 141.919
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WindowMaster International A/S Consolidated cash flow statement for 01.01.2026 - 30.06.2026 H1-2026 H1-2025 FY-2025 DKK'000 DKK'000 DKK'000 Operating profit/loss -6.087 -7.340 8.255 Amortisation, depreciation and impairment losses 9.864 9.224 19.441 Warrant program 0 350 0 Working capital changes -3.393 1.161 5.553 Cash flow from ordinary operating activities 384 3.395 33.249 Financial Income received 1.015 1.271 470 Financial expenses paid -3.915 -3.847 -4.358 Income taxes refunded/(paid) -442 -1.266 -900 Cash flow from operating activities -2.958 -447 28.461 Acquisition etc of intangible assets -2.213 -2.980 -7.819 Acquisition etc of property, plant and equipment -4.499 -888 -1.555 Earn-out regarding purchase of subsidiaries 0 0 0 Cash flows from investing activities -6.712 -3.868 -9.374 Lease liabilities principal installments -6.245 -5.239 -11.620 Paid dividend 0 -5.450 -5.950 Bank loans 15.020 14.981 0 Acquisition of treasury shares 0 0 -574 Cash flows from financing activities 8.775 4.292 -18.144 Increase/decrease in cash and cash equivalents -895 -23 943 Cash and cash equivalents beginning of period 4.009 3.425 3.425 Exchange rate adjustments on cash and cash equivalents 1.464 -245 -359 Cash and cash equivalents end of period 4.578 3.157 4.009 Cash and cash equivalents at year-end are composed of: Cash 4.578 3.157 4.009 Cash and cash equivalents end of period 4.578 3.157 4.009