Capital Markets Day 2025
Summary of Inwido's Capital Markets Day 2025
At the Capital Markets Day organized at Hotel At Six in Stockholm today, Fredrik Meuller, President & CEO and Peter Welin, CFO & Deputy CEO, provides an update on Inwido’s strategic priorities and long-term direction for profitable growth, reaffirming the company’s financial targets.
Summary of Inwido's Capital Markets Day, December 11, 2024
At the Capital Markets Day organized at At Six in Stockholm today, Inwido presents its roadmap to 2030 with the target of reaching SEK 20 billion in net sales.
The day begins with Inwido's President and CEO Fredrik Meuller, introducing the agenda and sharing his personal reflections after seven months as CEO. Inwido has a strong track record and lots of strengths to build on. For the last 10 years, the Group has delivered steady growth and good profitability.
Steve Hardy, joint Managing Director at Sidey Group in Scotland, presents how Sidey Group, acquired by Inwido in July 2023, achieves profitable growth and shares his reflections after one year as part of the Inwido Group. In conjunction with the Capital Markets Day Inwido also announces that its businesses in Scotland, Sidey Solutions and Walker Profiles, win landmark contracts, initially worth £22.5 million over two years. The two contracts are the largest in Inwido’s as well as the two companies' history.
Sidey Group Financial Performance:
Inwido operates in an attractive market, boosted by the green transition. The market, which is highly fragmented, is undergoing considerable change, offering attractive M&A opportunities in both existing and new markets. The EU’s “Green Deal” is altering the playing field, adding to the organic growth potential. Minna Keränen and Miikka Linna, both with Pihla Group in Finland, presents how sustainability is a business driver for them.
The presentation continues with a discussion among the Business Area Heads, Mads Mehlsen, Antti Vuonokari, Bo Christensen and Jonna Opitz, on the topics Sustainability, Leadership and organic growth agenda. The discussion is moderated by Lena Wessner, EVP Human Resources, Organization & Sustainability.
A financial review rounds off the day. Peter Welin, CFO and deputy CEO, presents the numbers showing the development over the last 10 years. Despite challenging markets in the last two years, margins have remained stable. With its flexible business model, Inwido has been able to adjust capacity and costs in accordance with market development. He reiterates the Group's long-term financial goals with a turnover of SEK 20 billion by 2030, ROOC >15%, net debt in relation to operating EBITDA <2.5x, and a dividend of approximately 50% of the net profit.
Starting from the Q4 report 2024, Inwido introduces a new sales split: Consumer/Project sales instead of Consumer/Industry sales. The new sales split has 63% Consumer sales vs. 37% Project sales, September 2024 LTM, compared to 73% Consumer sales vs. 27% Industry sales for the same period. Order intake and order backlog will also be split to better illustrate fluctuations within Project sales.
For more information, please contact:
Fredrik Meuller, President and CEO
Tel. +46 (0) 734 22 70 11
Annika Falk, VP Communication & PR
Tel. +46 (0) 706 02 13 71
Welcome to Inwido's Capital Markets Day 2023.
Together with group management, I promise an insightful morning with valuable information about Inwido's development and strategies in all business areas. We will also provide a brief update on the acquisition agenda and present our largest acquisition to date, Scottish Sidey Group.
The green transition is a hot topic for all companies, but few are as involved in the solution as we are at Inwido. We dedicate part of the agenda to the energy efficiency potential of buildings and the function of energy efficient windows. The program will also include an overview of our sustainability work linked to the Science Based Targets initiative as well as a deep dive into our finances.
Date: December 7, 2023
Time: 09:00 – 12:00 (registration and serving of lighter breakfast from 8.30)
The Capital Markets Day is arranged at Hotel At Six, studio 9, Brunkebergstorg 6 in Stockholm.
Presentation material: Will be available for download at inwido.com from 09.00 on the same day.
The presentation is held in English. The program ends with a Q&A session followed by a lunch with Inwido's group management.
Register no later than December 1 in the form below.
A warm welcome!
Henrik Hjalmarsson, President and CEO
The Capital Markets Day starts with Inwido's president and CEO Henrik Hjalmarsson summarizing the first three quarters of 2022 and comparing the development with the financial targets presented at the Capital Markets Day last year. He then presents the five areas, mentioned above, that build value for our shareholders.
"With record high energy prices the pressure to change to more energy-efficient buildings increases. This, in combination with our strong positions in existing markets, both in traditional trade and e-commerce, as well as a strong balance sheet, which enables continued acquisitions, makes me see considerable opportunities even in a weaker market. We are also used to quickly adjusting operations to both seasonality and market swings in order to defend our profitability," says Henrik Hjalmarsson.
Henrik Hjalmarsson also shows an overview of the European window market and presents Inwido's three acquisitions during the year. The pace within M&A will continue to be high with a target of acquiring companies that increase the group’s net sales by 5-10% annually. There are often quick synergies to be gained in an acquisition. Since input materials often account for around 50% of the costs, the group's joint purchases mean that savings of from a few percent to, in some cases, over ten percent are reached within a year.
Jonna Opitz, EVP Communications & Premium, presents an excerpt from the upcoming report "Future of Homes in turbulent times", which Inwido is conducting in collaboration with Kairos Future. The report shows, among other things, that consumers, despite a tougher economic situation, will continue to invest in their homes, but that the focus will be on renovations to decrease the house's energy needs.
Bo Overgaard Christensen, EVP e-Commerce, shows how e-commerce within Inwido developed during the year and compares the development with the goal set at the Capital Markets Day in 2019. He also shows how sales is distributed in our markets, Denmark (52.5%), Sweden (13.4%), Norway (12.7%), Germany (8.7%), other (1%) and internal sales (11.7%).
Inwido's sustainability work is presented by Lena Wessner, EVP HR, Organization & Sustainability. She reports on the progress with the Science Based Target initiative, which Inwido joined at the end of 2021. The Group's carbon dioxide emissions decreased by 39.1% in 2021. Accidents with lost working days decreased by 10.5% in the third quarter 2022 and during the same period the amount of hazardous waste was reduced by 11.4%.
Mads Storgaard Mehlsen, EVP Scandinavia, presents the development in the business area where Sweden makes up 50% of sales, Denmark 41% and Norway 9%. He also shows the development for Elitfönster, which during the current rolling twelve months Q3 had sales of SEK 2,453 million SEK with an operational EBITA margin of 5.2%. During the same period, Norwegian Lyssand-Frekhaug had a turnover of SEK 424 million SEK with an operational EBITA margin of 8.9%.
A financial review rounds off the capital market day. CFO Peter Welin shows Inwido's historical stability over economic cycles. An example of this is an organic CAGR of 4%, adjusted for acquisitions and currency since the IPO in 2014. He also shows that most operational costs are variable. For example, materials, installation, and shipping make up 49% of sales, while direct labour makes up 15%.
THE FULL CMD 2021 webcast can be seen herehttps://tv.streamfabriken.com/inwido-cmd-2021 and download the full presentation in PDF at bottom of page.
Inwido launches new long-term targets with increased ambitions within growth and sustainability
Inwido's current financial targets were established in connection with the IPO in 2014. Since then the business and profit generation have developed continuously. In the updated targets the Group’s growth ambitions are accelerated, organically as well as through acquisitions. These are the new financial targets decided by the Board:
- Growth (revised):Revenue target SEK 20 billion in 2030
- Profitability (revised): >15% return on operating capital
- Capital structure: Net debt in relation to operating EBITDA <2.5x
- Dividend: Approximately 50% of net profit
Inwido also raises the bar when it comes to the group's sustainability initiatives with new ambitions:
- Science Based Targets:
Committing to SBTi verifies Inwido's long-term emission reductions to contribute to the 1.5-degree target - Two new sustainability KPIs:
Waste and number of cases of discrimination and harassment - EU-taxonomy:
In 2030, 75% of sales of windows and doors will be Taxonomy-aligned
President and CEO Henrik Hjalmarsson comments on Inwido's long-term targets;
“Our new long-term targets emphasize a more growth-oriented Group with clear ambitions to continue the consolidation of the European market. By also adding new initiatives within sustainability we connect our financial targets with our contribution to a more sustainable world”, says Henrik Hjalmarsson, President & CEO of Inwido.
Summary of Inwido’s Capital Markets Day, 5 November 2020
Today, Inwido organizes a virtual capital markets day. The meeting will present, among other things, the updated strategy for continued growth and acquisitions, increased investment in the consumer-driven market and e-Commerce, Inwido's developed strategy for sustainability and the repetition of Inwido's financial goals.
The Capital Markets Day is led by President and CEO Henrik Hjalmarsson with participation from CFO and deputy CEO Peter Welin, Asger Drewes Jørgensen, Executive Vice President Business Area South and Lena Wessner, Senior Vice President, Human Resources, Organization & Sustainability.
In his introductory presentation, President and CEO Henrik Hjalmarsson reflects on the Group's elaborated governance model, Inwido's segment, channel, geography and product positioning, acquisition and growth plan and work to create increased shareholder value. Investments that gave good results in the recently reported result for the third quarter.
“The third quarter was Inwido's best quarter to date in terms of profits and we delivered strong results, good organic growth, strong cash flows and the sixth quarter in a row with strengthened margins. Backed by a positive consumer market and high growth in e-commerce, net sales increased organically by 4 percent to SEK 1,716 M, Operating EBITA increased to SEK 247 M (203) and the operating EBITA margin increased to 14.4 percent (12.2). We also reduced net debt to 1.2x operating EBITDA (2.5x)”.
Asger Drewes Jørgensen, Executive Vice President Inwido South, presents how sales channel, e-commerce and segment strategies create success in the consumer and renovation market.
Lena Wessner, Senior Vice President, Human Resources, Organization & Sustainability, presents Inwido's sustainability work and the new sustainability goal, which means that Inwido's operations will halve CO2 emissions by 2030 and be completely carbon neutral 2050.
The financial section concludes today's program. Here, CFO and deputy CEO Peter Welin concludes, among other things, how Inwido improved its margins for six consecutive quarters, how consumer-driven sales continued to grow, Inwido's strong cash flow development, the increased return on operating capital, Inwido's financial goals and Group sales per channel (see illustration below).
President and CEO Henrik Hjalmarsson concludes:
“As Europe's largest windows group, Inwido's business concept is to grow sustainably and profitably, focusing on the consumer-driven market, organically and through acquisitions, and we continue tirelessly to strengthen Inwido for expansion. This is done with investments in our business units, sharpened sales channel and segment positions, offensive development of e-commerce and intensified work with value-creating acquisitions
We are driven by our ambition to lead the development of the window industry in Europe and to strengthen our leadership position while improving people's lives indoors, developing our employees and generating value for shareholders”.
Inwido arranged a Capital Markets Day at Grand Hotel in Stockholm on 7 November 2019 for investors, analysts and media.
Representatives from Inwido’s Group Management, including President and CEO Henrik Hjalmarsson, CFO Peter Welin and more provided information about the Group’s development, operations and strategy.
Take part of the presentation from the CMD below.
