GLASTON CORPORATION INTERIM REPORT 30.10.2025 AT 8.30
This release is a summary of Glaston Corporation's January-September 2025 interim report. The complete report is attached to this release as a pdf-file. The release is also available on the company's website at the address www.glaston.net.
JULY-SEPTEMBER 2025 IN BRIEF
- Orders received totaled EUR 43.4 (52.8) million
- Net sales totaled EUR 56.5 (55.4) million
- Comparable EBITA was EUR 4.8 (4.2) million, i.e. 8.5 (7.5)% of net sales
- The operating result (EBIT) was EUR 3.0 (2.2) million
- Comparable earnings per share were EUR 0.076 (0.056)
JANUARY-SEPTEMBER 2025 IN BRIEF
- Orders received totaled EUR 128.5 (149.6) million
- Net sales totaled EUR 159.8 (161.1) million
- Comparable EBITA was EUR 11.0 (11.0) million, i.e. 6.9 (6.8)% of net sales
- The operating result (EBIT) was EUR 3.4 (5.2) million
- Comparable earnings per share were EUR 0.125 (0.134)
GLASTON'S OUTLOOK FOR 2025 REMAINS UNCHANGED
The cautious development in the architectural glass processing equipment market continued in the third quarter, and the market activity is expected to remain slow during the rest of the year. As part of Glaston's actions to address the reduced market demand, the company has focused on improving organizational efficiency and cost management to ensure profitable performance. Further, due to the ongoing geopolitical tensions and uncertainty in the global business environment, a higher-than-normal level of unpredictability is related to customers' investment decisions.
The lower order backlog and the advancement of some project acceptances to the third quarter will affect the development of Glaston's fourth quarter net sales and comparable operating profit. Glaston's outlook remains unchanged and the company estimates that its net sales and comparable EBITA will decrease from the level of the previous year. Glaston expects net sales to be EUR 206-215 million and comparable EBITA to amount to EUR 13.1-15.1 million. In 2024, Group net sales totaled EUR 217.9 million and comparable EBITA was EUR 15.3 million.
PRESIDENT & CEO MIIKA ÄPPELQVIST
"Despite the challenging market environment, we delivered a solid third-quarter performance with growth in net sales and improved profitability.
The cautiousness in the Architectural market continued and Glaston's third-quarter order intake was down 18% year-on-year and totaled EUR 43.4 million. In China, received orders developed positively with good order intake for pre-processing and insulating glass equipment. In the US, order intake continued to be heavily affected by the ongoing tariff situation. In the EMEA region, investment activity continued to be at a low level. For Services, positive development was noted for upgrade order intake in EMEA and Americas. Overall, demand remained mixed across regions, highlighting the importance of our wide geographical footprint and diversified product portfolio.
Driven by good factory activity in China and smooth operational execution in the Architectural and Mobility, Display & Solar segments, net sales were up by 2% to EUR 56.5 million. Service's net sales remained stable year-on-year, representing 38% of total sales, confirming its important role in our offering. Supported by our cost-control measures and higher net sales, profitability improved and comparable EBITA was up by 15% year-on-year to EUR 4.8 million, corresponding to a margin of 8.5%.
In the third quarter, we initiated prompt actions to improve our efficiency and reduce costs to ensure profitable performance. As a result, we have reviewed and are adapting our cost base to secure profitability and competitiveness in a lower-demand environment. Moreover, we have sharpened our organizational model, ensuring clear accountability across Market Areas, Solutions & Operations and Services to drive an efficient and unified One Glaston performance. Also, actions for adapting the company's structure and ways of working to the lower than expected demand have been taken.
As indicated earlier, we will complete our strategy update process during the final quarter of the year. However, for some of our strategic actions, we have defined a fast track. In the review period, we worked on the relaunch of Uniglass, a brand that has been part of Glaston since 2002. With Uniglass, we are broadening our product portfolio to increase our addressable market. Where Glaston stands for cutting-edge customized solutions, Uniglass stands for standard solutions and a swift digital-first approach. Uniglass has always represented innovation and a new way of thinking within the glass industry, and with this launch we are introducing a digital and scalable sales model, enabling fast and more transparent interaction with our customers.
Creating true customer value is a key requisite in order to grow the business. Going forward, we will engage in more discussions around innovation and the value we deliver to customers. By truly understanding that value, we can design and deliver new solutions that make a measurable difference for our customers and for our business.
For the final quarter, we expect the markets to remain soft and securing order intake and execution of the cost saving program remain our top priority. Despite the challenging investment environment, our outlook remains unchanged."
GLASTON GROUP'S KEY FIGURES
| MEUR | 7-9/ 2025 | 7-9 /2024 | Change% | 1-9/ 2025 | 1-9 /2024 | Change % | 1-12/ 2024 |
| Orders received | 43.4 | 52.8 | -17.8% | 128.5 | 149.6 | -14.1% | 202.7 |
| of which service operations | 20.2 | 19.3 | 4.8% | 55.7 | 57.0 | -2.3% | 77.5 |
| of which service operations, % | 46.5% | 36.5% | 43.3% | 38.1% | 38.2% | ||
| Order book at end of period | 63.1 | 101.7 | -38.0% | 63.1 | 101.7 | -38.0% | 98.2 |
| Net sales | 56.5 | 55.4 | 1.9% | 159.8 | 161.1 | -0.8% | 217.9 |
| of which service operations | 21.2 | 21.1 | 0.8% | 60.7 | 57.8 | 5.1% | 78.6 |
| of which service operations, % | 37.6% | 38.0% | 38.0% | 35.8% | 36.1% | ||
| EBITDA | 5.2 | 4.3 | 20.6% | 10.1 | 11.5 | -12.2% | 14.3 |
| Items affecting comparability (1 | 0.7 | 0.9 | -23.1% | 4.2 | 2.7 | 56.6% | 5.2 |
| Comparable EBITDA | 5.9 | 5.2 | 12.8% | 14.3 | 14.2 | 0.9% | 19.6 |
| Comparable EBITDA, % | 10.4% | 9.4% | 9.0% | 8.8% | 9.0% | ||
| Comparable EBITA | 4.8 | 4.2 | 14.7% | 11.0 | 11.0 | 0.2% | 15.3 |
| Comparable EBITA, % | 8.5% | 7.5 % | 6.9% | 6.8% | 7.0% | ||
| Operating result (EBIT) | 3.0 | 2.2 | 34.2% | 3.4 | 5.2 | -33.5% | 5.8 |
| Profit/loss for the period | 2.3 | 1.3 | 77.6% | 1.0 | 2.7 | -60.9% | 2.5 |
| Comparable earnings per share, EUR | 0.076 | 0.056 | 36.3% | 0.125 | 0.134 | -7.0% | 0.185 |
| Cash flow from operating activities | -2.8 | 8.8 | -131.6% | -0.9 | -2.0 | 55.4% | 1.5 |
| Return on capital employed (ROCE), %, (annualized) | 5.0% | 7.0% | 6.0% | ||||
| Comparable return on capital employed (ROCE), %, (annualized) | 10.7% | 11.0% | 12.6% | ||||
| Equity ratio, % | 42.4% | 43.8% | 43.4% | ||||
| Net gearing, % | 44.5% | 32.2% | 29.6% | ||||
| Number of employees at end of period | 792 | 800 | -1.0% | 817 |
1)+ cost, - income
ANALYST AND PRESS MEETING
Glaston's CEO Miika Äppelqvist and CFO Magnus Sjöblom will present the financial result to analysts, investors and media representatives today at 11:00 (Finnish time) in English.
The live webcast can be accessed through the link: Glaston January-September 2025 Interim Report
An on-demand version of the presentation will be available on the company's website later during the same day.
For further information, please contact:
President & CEO Miika Äppelqvist, tel. +358 10 500 500
Chief Financial Officer Magnus Sjöblom, tel. +358 10 500 500
GLASTON CORPORATION
Agneta Selroos
Communications Manager
Tel. +358 10 500 6105
Glaston in brief
Glaston is the glass processing industry's innovative technology leader supplying equipment, services and solutions to the architectural, mobility, display and solar industries. The company also supports the development of new technologies integrating intelligence to glass.
Glaston is committed to providing its clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. Glaston operates globally with manufacturing, services and sales offices in nine countries and its shares (GLA1V) are listed on Nasdaq Helsinki Ltd.
Distribution: Nasdaq Helsinki Ltd, key media, www.glaston.net.