GLASTON CORPORATION FINANCIAL STATEMENT BULLETIN 13 FEBRUARY 2026 AT 8.30
This release is a summary of Glaston Corporation's financial statement bulletin for 2025. The complete report is attached to this release as a pdf-file. The stock exchange release is also available on the company's website at the address www.glaston.net.
OCTOBER-DECEMBER 2025 IN BRIEF
- Orders received totaled EUR 48.8 (53.1) million
- Net sales totaled EUR 49.0 (56.8) million
- Comparable EBITA was EUR 3.0 (4.2) million, i.e. 6.1 (7.5)% of net sales
- The operating result (EBIT) was EUR 1.0 (0.6) million
- Comparable earnings per share were EUR 0.026 (0.050)
JANUARY-DECEMBER 2025 IN BRIEF
- Orders received totaled EUR 177.4 (202.7) million
- Net sales totaled EUR 208.8 (217.9) million
- Comparable EBITA was EUR 14.0 (15.3) million, i.e. 6.7 (7.0)% of net sales
- The operating result (EBIT) was EUR 4.4 (5.8) million
- Comparable earnings per share were EUR 0.151 (0.185)
The Board of Directors proposes to the Annual General Meeting that no dividend or repayment of capital shall be paid for the financial year that ended on 31 December 2025.
GLASTON'S OUTLOOK FOR 2026
In 2026, Glaston expects the glass processing equipment markets to remain soft. The cautious development in the architectural glass processing equipment markets is expected to continue, with potential improvement only anticipated towards the second half of the year. Driven by China, the mobility glass processing equipment market is expected to remain on the same level as in 2025. For services, the markets are expected to develop positively.
In the current market environment, Glaston continues its actions for improved efficiency, cost management, and selective growth opportunities. As geopolitical tensions and global economic unpredictability continue, a higher-than-normal uncertainty is related to customers' investment activity.
Glaston entered the year with a lower order backlog than the previous year. Given the cautious market environment, Glaston Corporation estimates that its net sales and comparable EBITA will decrease in 2026 from the levels reported for 2025. In 2025, Group net sales totaled EUR 208.8 million and comparable EBITA was EUR 14.0 million
CEO MIIKA ÄPPELQVIST:
The market environment remained challenging in the final quarter, and demand stayed subdued across several segments. The architectural market remained slow, although some positive signs were noted in EMEA, especially in the Middle East. Supported by the transition to electric vehicles, the Mobility market in China remained moderately active. Against this market situation, our focus was firmly on disciplined execution, cost control, and selective growth opportunities.
Despite the weak demand environment, fourth-quarter order intake was our strongest of the year (EUR 48.8 million). The growth in Architectural tempering technologies demonstrates that our offering and sales focus resonate in markets where customers are ready to invest. However, this was not sufficient to fully compensate for the lower activity in insulating and mobility technologies, and fourth-quarter order intake was down by 8%. Reflecting the subdued demand environment, full-year order intake was down by 13%.
Fourth-quarter net sales, as well as full-year net sales, decreased. Net sales in the fourth quarter fell by 14% and totaled EUR 49.0 million, with both segments performing below the level of the previous year. Services' net sales were on the same level as in the comparison period. For the full year, net sales decreased by 4%. The lower volume affected the Group's profitability. Comparable EBITA for the fourth quarter was EUR 3.0 million, down 30% compared to the corresponding period of the previous year and EBITA margin was 6.1%. Full-year comparable EBITA decreased by 8% compared to the previous year.
The execution of the cost saving program remained our top priority. In all main operating countries, strict cost control measures continued in the final quarter, and cost discipline is now embedded in our operating model. The cost savings implemented by the end of the year corresponds to annual run rate savings of EUR 4.2 million out of the EUR 6 million, earlier launched cost saving program. The program continues as planned, and we remain prepared to take further actions if required.
Safety at work and employee engagement are among our strategic targets. Our group-wide safety target is zero accidents. In 2025, our lost time injury frequency rate LTIFR was 5.8 (5.7), and the numbers show that we must continue our systematic safety work. Our employee engagement improved to 78 from 76 in the previous year and the set target, 75 out of 100, was once again met. This is a strong result and shows the resilience and commitment within our teams, even during challenging times.
The year 2025 was a turbulent one, and I want to sincerely thank the Glaston team for their dedication and hard work during the past twelve months. In a challenging environment, our ability to act decisively, stay focused, and support our customers is what defines us. I am confident in our direction and in our people. I would also like to extend my thanks to our customers, shareholders, and other stakeholders for their continued trust and support.
In 2026, we expect the architectural market to remain largely unchanged. However, we anticipate cautiously positive development in certain local markets, such as the Middle East and selected EMEA countries. Driven by China, we do not expect any major changes in the Mobility market. For Services, we anticipate positive development. Our Services business plays a central role as we aim for growth, as its less cyclical and provides greater stability for the business.
Given the low order backlog and the subdued market environment, we expect net sales and comparable EBITA to decrease in 2026 compared to 2025. However, with the cost actions already implemented, continued strict cost discipline, and growing contribution from Services and new business initiatives, we are strengthening our resilience and positioning Glaston for improved performance once market conditions normalize."
GLASTON GROUP'S KEY FIGURES
| EUR million | 10-12/2025 | 10-12/2024 | Change% | 1-12/2025 | 1-12/2024 | Change% |
| Orders received | 48.8 | 53.1 | -8.1% | 177.4 | 202.7 | -12.5% |
| of which service operations | 18.2 | 20.5 | -11.4% | 73.8 | 77.5 | -4.7% |
| of which service operations, % | 37.2% | 38.6% | 41.6% | 38.2% | ||
| Order book at end of period | 61.3 | 98.2 | -37.6% | 61.3 | 98.2 | -37.6% |
| Net sales | 49.0 | 56.8 | -13.7% | 208.8 | 217.9 | -4.2% |
| of which service operations | 20.5 | 20.8 | -1.4% | 81.2 | 78.6 | 3.3% |
| of which service operations, % | 41.9% | 36.7% | 38.9% | 36.1% | ||
| EBITDA | 3.7 | 2.8 | 32.9% | 13.8 | 14.3 | -3.3% |
| Items affecting comparability1) | 0.8 | 2.5 | -67.2% | 5.1 | 5.2 | -3.1% |
| Comparable EBITDA | 4.6 | 5.3 | -14.5% | 18.9 | 19.6 | -3.3% |
| Comparable EBITDA, % | 9.3% | 9.4% | 9.1% | 9.0% | ||
| Comparable EBITA | 3.0 | 4.2 | -29.8% | 14.0 | 15.3 | -8.1% |
| Comparable EBITA, % | 6.1% | 7.5% | 6.7% | 7.0% | ||
| Operating result (EBIT) | 1.0 | 0.6 | 57.5% | 4.4 | 5.8 | -23.7% |
| Profit/loss for the period | 0.2 | -0.2 | -184.3% | 1.2 | 2.5 | -52.0% |
| Comparable earnings per share, EUR2) | 0.026 | 0.050 | -48.5% | 0.151 | 0.185 | -18.3% |
| Cash flow from operating activities | 0.5 | 3.5 | -86.4% | -0.4 | 1.5 | -128.6% |
| Return on capital employed (ROCE), %, (annualized) | 4.8% | 6.0% | ||||
| Comparable return on capital employed (ROCE), %, (annualized) | 11.3% | 12.6% | ||||
| Equity ratio, % | 43.3% | 43.4% | ||||
| Net gearing, % | 43.8% | 29.6% | ||||
| Number of employees at end of period | 772 | 817 | -5.5% |
- + cost, - income
- On 22 April 2025, a reverse share split was carried out. The number of shares and the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
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 webcast can be joined through this link: Glaston Corporation's 2025 Financial Statements
A recording of the meeting including the presentation will be available on www.glaston.net after the meeting.
For further information, please contact:
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 10 500 500
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.
