Understand Inwido
Inwido at glance
On a journey toward SEK 20 billion in revenue by 2030
With a strong order backlog and renewed momentum in key markets, we have the people and structure in place to deliver sustainable, profitable growth.
Operations in twelve countries
Inwido has 37 business units and around 4,700 employees.
The power of decentralization
Decentralization empowers our business units to make fast, local decisions, combining entrepreneurial drive with the strength of a European group.
Sales in 2024 (SEK)
8.8 billion
Head office
Malmö
Employees ≈
4,700
No. of business units:
37
01
Inwido operates in an attractive market, boosted by the green transition
Europe’s window and door markets have historically grown about 4% annually. The last two years have been a setback, but the EU’s 2050 carbon-free building goal will require major investment. ESG research, including Nordea’s (30 May 2024), expects growth to surpass 4% in the coming years, driven by increased energy-renovation initiatives.
02
Strong positions in the principal markets
Inwido works continuously to strengthen its positions in its six main markets — Denmark, Finland, Ireland, Norway, the UK and Sweden — through market-share gains and acquisitions. Strong positions and a broad offering aimed at different market segments provide stability, while also enabling continued growth and further market consolidation.
03
Proven stability over economic cycles
Since its listing ten years ago, Inwido has delivered stable growth and solid profitability. Despite the past two challenging years, profitability has remained steady. Thanks to our decentralised model and the business units’ strong experience in handling demand shifts, we have been able to adjust capacity and costs flexibly in line with market conditions.
04
Scalable e-commerce platform
Buying windows and doors online is easier and more popular than ever. Inwido is well positioned to grow e-commerce sales in both existing and new markets. Our scalable e-commerce platform enables fast, efficient market launches. With Sparokna’s 2024 debut in Poland, our offering now spans 10 markets and 14 brands.
05
Opportunity to drive the consolidation of the European market
Europe’s window and door market is highly fragmented, with most companies focused solely on their home markets. Significant market changes are creating acquisition opportunities for Inwido in both new and existing geographies, while the EU’s Green Deal increases the potential for organic growth. M&A activity has risen sharply in 2024, and Inwido is seen as an attractive buyer.
Our market
Despite recent bumps, Europe’s window and door market continues to grow at ~4% long term.
It’s a large, fragmented market shaped by local rules and seasonal demand. Our strong local presence positions us well to capture what’s ahead.
It’s a large, fragmented market shaped by local rules and seasonal demand. Our strong local presence positions us well to capture what’s ahead.
Rising demand for energy-efficient building solutions
Windows and doors are among the most effective ways to cut energy use and emissions.
Market consolidation
Europe’s window and door market is highly fragmented and local, creating strong consolidation opportunities. Rising sustainability demands and greater customer complexity are accelerating the number of attractive acquisition candidates.
On a growth journey
Our 2024 strategy is clear: growing organically and through acquisitions, raising productivity with skills and automation, and tightening cross-group work in pricing, purchasing, sustainability, and manufacturing.
Sales, MSEK
Earnings per share, SEK
Road to 2030
Strategic roadmap
Strategic roadmap
Vision
To become a SEK 20 billion company in terms of turnover by 2030
Mission
To improve people’s lives indoors by developing and selling Europe’s best customized window and door solutions
Annual financial targets
>15%
Return on operating capital
<2.5x
Net debt vs. operatingEBITDA
~50%
Dividend vs. net profit
Vision
To become a SEK 20 billion company in terms of turnover by 2030
Mission
To improve people’s lives indoors by developing and selling Europe’s best customized window and door solutions
Annual financial targets
>15%
Return on operating capital
<2.5x
Net debt vs. operatingEBITDA
~50%
Dividend vs. net profit
Guiding principles
Pragmatism
Performance
Passion
Guiding principles
Pursue acquisitions
Pursue acquisitions to expand geographic footprint and exploit synergies
Drive and commercialise 'Green Deal'
Drive and commercialise ‘Green Deal’ in favour of awareness and customer demand
Develop talented people
Attract and develop talented people to secure future leadership and profitable growth
Share knowledge
Share knowledge and collaborate to excel in pricing, purchasing and productivity
Embrace technology
Embrace the latest technology and raise the level of digitalisation and automation
Guiding principles & priorities
Guiding principles
Pragmatism
Performance
Passion
Priority areas
1. Pursue acquisitions to expand geographic footprint and exploit synergies
2. Drive and commercialise ‘Green Deal’ in favour of awareness and customer demand
3. Attract and develop talented people to secure future leadership and profitable growth
4. Share knowledge and collaborate to excel in pricing, purchasing and productivity
5. Embrace the latest technology and raise the level of digitalisation and automation
Our four Business Areas
Each area brings together business units focused on customer needs, delivering innovative products and services with smart, attractive design that lowers energy use and improves everyday well-being.
Scandinavia
Inwido’s largest business area, covering Denmark, Norway, and Sweden. Generated SEK 4,143 million in sales in 2024. Brands include KPK, Outline, Lyssand-Frekhaug, Elitfönster, Hajom, SnickarPer, WestCoast Windows, and Diplomat Dörrar.
Number of business units
15
Net sales in 2024, MSEK
4,143
Operating EBITA in 2024, %
14.3
Eastern Europe
Covers operations in Finland and Poland. Generated SEK 1,726 million in sales in 2024. Includes Finland’s largest window and door company, Pihla Group, plus Profin (sliding doors) and the Polish company Sokolka.
Number of business units
10
Net sales in 2024, MSEK
1,726
Operating EBITA in 2024, %
5.3
e-Commerce
Covers Inwido’s direct-to-consumer sales across Denmark, Finland, Norway, Poland, Germany, the UK, Sweden, Austria, the Netherlands, and Belgium, with total sales of SEK 1,122 million. Production is based in Estonia, Poland, and Romania. Brands include JNA, Sparfönster, and Bedst&Billigst.
Number of business units
1
Net sales in 2024, MSEK
1,122
Operating EBITA in 2024, %
8.0
Western Europe
Inwido’s second-largest business area, covering the UK and Ireland. Generated SEK 1,872 million in sales in 2024. Brands include Sidey Solutions, Walker Profiles, CWG Choices, Dekko, Allan Brothers, Jack Brunsdon & Son in the UK, and Carlson in Ireland.
Number of business units
7
Net sales in 2024, MSEK
1,872
Operating EBITA in 2024, %
11.7
A decentralized organisation
Dedicated managers and employees drive Inwido’s success. We’re building a shared management culture and continuously investing in talent and key skills to secure the strongest leadership in the market.
Leadership
Our decentralized model empowers leaders close to the market, enabling fast decisions based on deep customer insight. Each managing director owns their results, supported by structured development that strengthens strategic and sustainable leadership.
Culture
We foster a culture of trust, accountability and collaboration, where local entrepreneurship thrives within a shared framework. Cross-border knowledge sharing and open dialogue help align ways of working and drive engagement.
Competence
We invest continuously in key skills through targeted training, talent reviews and succession planning. Learning is part of daily work, enabling employees to grow and contribute to stronger business performance.
Targets & performance
Target for 2030
20 billion
SEK in net sales
Outcome 2024
8,8 billion
SEK in net sales
Target
>15%
Return on operating capital of more than 15 percent
Outcome 2024
12.7%
Return on operating capital
- Comment
Return on operating capital fell to 12.7 percent (15.4), primarily as a result of the items affecting comparability as well as increased investments. See the Directors’ Report for more detailed information.
Target
<2.5x
Net debt in relation to operating EBITDA shall, excluding temporary deviations, not exceed a multiple of 2.5
Outcome 2024
1.0x
Net debt in relation to operating EBITDA
- Comment
Inwido’s net debt in relation to operating EBITDA amounted to 1.0x (0.7x excluding IFRS 16). The low indebtedness is the result of stable profitability and a continued strong cash flow.
Target
>50%
50% of net profit
Outcome 2024
5.5 SEK
per share
- Comment
In line with the dividend policy, the Board proposes that the dividend for the 2024 financial year should amount to SEK 5.50 per share (6.50), which corresponds to 59 percent of the reported profit for the year after tax. A dividend in line with the policy is made possible by a strong balance sheet, at the same time as financial resources are available for investments and value-creating acquisitions.
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In 2024, net sales amounted to SEK 8,838 million (8,970), 1 percent lower than the previous year. Even though leading macroeconomic indicators grew more positive and demand in some market segments reported an upturn, several of the business units continued to face challenges in the form of low demand and significant price pressure, especially in Finland, Norway and England.