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NEWS +VOX: Inwido holds steady amid market volatility, backed by strategy and acquisitions
Inwido, Europe’s leading supplier of windows and doors, has emerged from a turbulent 2025 with a resilient performance, signalling the effectiveness of its strategic and operational recalibrations. Despite facing a harsh market climate characterised by low volumes, unfavourable sales mix, and the strengthening of the Swedish krona, the group reported a steady financial outcome and continued its acquisitive momentum.
For the fourth quarter, Inwido posted net sales of SEK 2,440 million, a marginal increase from SEK 2,423 million in the same period the previous year. Organic growth stood at 3%, with order intake holding firm in the Consumer segment. While comparative figures were flattered by a record project order in Q4 2024, the company still achieved a slight uptick in overall order intake.
Notably, the operating EBITA margin remained unchanged, marking a stable trend quarter-on-quarter. Inwido’s leadership attributed this resilience to ongoing efforts in cost efficiency, value-based pricing, and portfolio optimisation. “Our efficiency improvements, strategic acquisitions and strengthened positions are once again showing that the Inwido model is working well,” said the company in its year-end report.
The company’s geographic spread delivered mixed outcomes. Sweden stood out with increased activity and a more favourable macroeconomic backdrop, aided by lower inflation and interest rates. Ireland sustained solid results, while Denmark remained stagnant. Meanwhile, Finland and the UK presented ongoing challenges, prompting Inwido to enact structural adjustments in both markets.
Changes implemented in the third quarter, including downsizing in Finland and the restructuring of Business Area e-Commerce, took full effect by Q4. As a result, the e-Commerce division significantly improved its margin, demonstrating that margin enhancement is possible even amid reduced invoicing volumes.
Acquisition strategy accelerates
Inwido’s acquisition drive intensified in the final quarter, with three strategic deals signed, collectively contributing around SEK 825 million in sales. The group expanded its UK footprint with the acquisitions of Fast Frame and Victorian House Window Group. Fast Frame, based in Nottingham, focuses on PVC windows and doors for commercial projects and direct installers, while Victorian House is the UK’s largest PVC manufacturer with strong brand recognition through ECOSlide® and Victorian Sliders®.
The acquisition of AJM Group marked Inwido’s entry into Slovenia, broadening its European presence with operations also in Austria and Switzerland. These moves underline the company’s continued pursuit of profitable, market-leading targets, even amid a cautious approach to M&A selection. Victorian House has already started impacting Inwido’s debt levels and return on operating capital, though revenues from AJM and Fast Frame will be consolidated from Q1 2026.
The group also reported progress on environmental and social fronts. Greenhouse gas emissions fell 21% compared to the 2022 baseline, across scopes 1, 2, and 3—attributed partly to supplier collaboration. On safety, the Kuusamo plant in Finland achieved 900 consecutive days without a lost-time accident, a milestone underscoring Inwido’s operational discipline.
Equally significant was the company’s highest-ever employee satisfaction score. The annual survey recorded a 77% index rating—up two percentage points year-on-year—with an exceptional 92% response rate, a notable achievement amid continued organisational change.
Looking forward, Inwido remains cautious about demand visibility in light of geopolitical instability and economic volatility. Nevertheless, the company takes confidence from its continued organic growth and improved margins. The evolving EU Energy Performance of Buildings Directive (EPBD) could provide tailwinds, although timelines remain unclear.
With a stated ambition of reaching SEK 20 billion in sales by 2030, Inwido is laying the groundwork through both organic initiatives and disciplined acquisition. As 2026 begins, the group appears well-positioned, if not immune, to weather continued industry uncertainty.
Why This Matters: Strategic and operational recalibrations underpinned Inwido’s performance in 2025. Investment in the UK market is of particular note, given the downturn currently affecting the sector. The acquisitions of Fast Frame and Victorian Sliders came at a time when order intake across western Europe, adjusted for foreign exchange, fell by 43 per cent in the final quarter of 2025. The sharp comparison largely reflects a record £22.5mn order secured by the Sidey Solutions and Walker Profiles business units in the corresponding period last year. While there is currently little evidence to support near-term growth prospects in the UK market, operational improvements and efficiency gains should enable the UK arm to strengthen its competitive position.
