Intelligence
INTELLIGENCE: Inwido steadies outlook as project demand offsets consumer caution
Inwido, Europe’s largest window and door manufacturer, reported stable sales for the first nine months of 2025, as growth in its project business helped offset weakening demand from private homeowners in several key markets, including the UK and Finland, reports GlazingToday.com’s Mark Thompson
President and chief executive Fredrik Meuller said demand “gradually improved during the quarter, with both sales and order intake increasing in September,” but acknowledged that “a continued uncertain environment resulted in subdued demand” across most markets. “It is principally the consumers who are cautious,” he added, noting Sweden and Ireland as exceptions.
Third-quarter net sales reached SEK 2.22 billion, marginally below the SEK 2.27 billion posted a year earlier. Organic sales were unchanged year on year, with consumer sales down 5 per cent while project sales rose 2 per cent. Operating EBITA fell to SEK 268 million from SEK 304 million, equating to a 12 per cent margin, down from 13.4 per cent.
Order intake grew organically by 1 per cent during the quarter, and the order backlog stood at SEK 2.77 billion at the end of September — up 5 per cent on the previous year. Meuller described the consumer landscape as “uneven,” with significant divergence between geographies. “In Sweden and Ireland, consumer activity is higher and the markets are developing positively,” he said. “The markets in Finland and the UK remain very challenging, and we have not seen the improvement we were anticipating ahead of Q3.” Denmark and Norway were flat, while project demand across all regions showed “improved stability” from a low starting point.
Inwido’s difficulties in the UK, its second-largest Western European consumer market, have persisted despite expectations of a seasonal rebound. “Expectations of recovery during the summer months, above all in Finland and the UK, resulted in under-absorbed costs before adjustments took effect later in the quarter,” Meuller noted. He said the company is continuing to implement cost-efficiency measures amid “relatively high levels of uncertainty and low visibility as a result of geopolitical turmoil and volatile markets.”
Despite the cautious tone, Inwido continued to expand its portfolio. It acquired RM Snickerier, a Swedish joinery specialist, during the quarter and Fast Frame, a UK manufacturer, shortly after. Both, Meuller said, are “small but highly profitable” businesses that offer “good opportunities for synergies in purchasing and sales.”
The company also incurred transaction costs for a “major deal that did not come to fruition” after the seller withdrew late in negotiations, but Meuller said Inwido remains committed to an active M&A strategy. “In the current drawn-out economic downturn, a relatively larger proportion of the volume needs to come through acquisitions,” he said. “This area is a top priority and we have allocated additional resources accordingly.”
Sustainability and workplace safety remain bright spots. In August, Inwido’s Haapajärvi factory in Finland reached 700 days without any accidents, while its Elitfönster unit launched a new threshold design to improve accessibility for disabled users.
Operationally, the group’s divisions delivered mixed results. Business Area Scandinavia increased net sales by 5 per cent to SEK 1.07 billion, driven by Sweden’s robust consumer demand, though margins fell to 15.3 per cent from 16.5 per cent due to a weaker segment mix. Eastern Europe saw sales decline 2 per cent, with Finnish consumer sales down 17 per cent; margins narrowed to 7 per cent from 10.8 per cent.
The e-Commerce arm, which accounts for around a fifth of total sales and includes Inwido’s online brands, reported an 8 per cent drop in revenue amid “a cautious online sales market.” However, its operating margin strengthened to 8.6 per cent from 7.7 per cent thanks to earlier cost measures and selective price increases.
In Western Europe, revenue fell 11 per cent, largely reflecting lower consumer sales in the UK. The decline dragged the operating margin down to 11.5 per cent from 13.5 per cent a year earlier.
Management changes were also announced during the quarter, with Malin Cullin appointed executive vice-president for People & Culture, and Ulrika Hultgren joining as EVP for Communications & Sustainability. Jonna Opitz, previously responsible for communications, will now focus fully on leading Business Area Western Europe.
Looking ahead, Meuller said Inwido’s strategic goals — including its target of SEK 20 billion in annual sales by 2030— remain intact. “The long-term external drivers for our industry, and for our group’s profitable growth in particular, remain fundamentally attractive,” he said.
He pointed to new EU energy-efficiency regulations, due to take effect in 2026, as a potential tailwind for demand. “In addition to our own organic initiatives and the security derived from our order book, we expect further support when the EU’s Energy Performance of Buildings Directive is launched across all member states,” he said.
While the near-term consumer picture remains muted, Meuller insisted the company’s balance between residential and project markets, together with ongoing efficiency and acquisition activity, leaves it well positioned to weather uncertainty and capture the next phase of recovery.
