GLASTON CORPORATION INTERIM REPORT 29.4.2026 AT 8.30
This release is a summary of Glaston Corporation's Interim Report for January-March 2026. The complete report is attached to this release as a PDF file. The release is also available on the company's website at www.glaston.net.
JANUARY-MARCH 2026 IN BRIEF
- Orders received totaled EUR 40.5 (47.1) million.
- Net sales totaled EUR 40.9 (51.7) million.
- Comparable EBITA was EUR 2.7 (3.1) million, i.e. 6.5 (6.0)% of net sales.
- The operating result (EBIT) was EUR 1.4 (1.0) million.
- The comparable earnings per share were EUR 0.024 (0.030).
GLASTON'S OUTLOOK FOR 2026 REMAINS UNCHANGED
In 2026, the glass processing equipment markets are expected to remain soft. Due to increased geopolitical tensions, a significant recovery for the architectural glass processing equipment markets is not expected in the near future. Driven by China, the mobility glass processing equipment market is expected to remain on the same level as in 2025. While the equipment markets remain soft, the service business environment is expected to remain resilient and at a good level, supported by the installed base and ongoing customer demand for lifecycle services.
In the current market environment, Glaston continues its actions for improved efficiency, cost management, and selective growth opportunities. Amid increasing global economic unpredictability, 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:
"In the first quarter of 2026, uncertainty in the global business environment increased further. The beginning of the year is typically a quieter period for us; however, our first-quarter performance was additionally affected across our Market Areas by the outbreak of the war in the Middle East in March. The Services business was not as heavily affected, and activity remained at a good level throughout the quarter. Demand for service work increased in EMEA and Americas and we also closed deals for several smaller upgrades.
Reflecting the challenging market environment, order intake was down by 14% totaling EUR 40.5 million. Order intake for Tempering and Laminating Technologies was below the level of the previous year, while order intake for Insulating Glass Technologies was up by 13%. Mobility, Display & Solar Technologies' order intake was on the same level as in the previous year. Among the highlights in the order intake was the order for Glaston ULTRA TPS® lines for manufacturing insulating glass units with ultra-thin center glass enabling our customers to truly differentiate in the market with energy performance and unit weight. We also closed a deal for our brand-new automatic loading system, which is an important add-on to our tempering furnaces, helping our customers further automate their production and to gain efficiencies. The order intake for Services was up by 8%.
First-quarter net sales were down by 21% to EUR 40.9 million, which was primarily due to the low number of new orders in the second and third quarters of last year and the timing of some project deliveries to customers. Services' net sales represented 48% of total net sales, highlighting its importance in our offering. Supported by our cost control measures, comparable EBITA was EUR 2.7 million and EBITA margin was up year-on-year at 6.5%.
In this environment, the execution of the cost-saving program was accelerated. In addition to personnel expenses, the comprehensive program includes initiatives to enhance supply-chain efficiency, reduce ICT costs, and implement a broad range of measures aimed at reducing the company's fixed cost base. We have been able to identify and execute cost-saving measures at a faster pace than expected, and the actions implemented up to the end of the first quarter will lead to annual run rate savings of approximately EUR 6 million. These will be realized during 2026.
Given the increased uncertainty in the global business environment, we expect market activity to remain slow. In this tough business climate with increasing price competition, we will continue to focus on winning the right deals, developing our service business, and adjusting our operations in a disciplined manner, ensuring readiness when market conditions improve."
GLASTON GROUP'S KEY FIGURES
| MEUR | 1-3/2026 | 1-3/2025 | Change, % | 1-12/2025 |
| Orders received | 40.5 | 47.1 | -14.0% | 177.4 |
| of which service operations | 19.1 | 17.7 | 7.9% | 73.8 |
| of which service operations, % | 47.2% | 37.6% | 41.6% | |
| Order book at end of period | 60.8 | 90.8 | -33.0% | 61.3 |
| Net sales | 40.9 | 51.7 | -20.8% | 208.8 |
| of which service operations | 19.4 | 19.9 | -2.5% | 81.2 |
| of which service operations, % | 47.5% | 38.6% | 38.9% | |
| EBITDA | 3.6 | 3.2 | 13.3% | 13.8 |
| Items affecting comparability (1 | 0.1 | 1.0 | -90.6% | 5.1 |
| Comparable EBITDA | 3.7 | 4.2 | -11.3% | 18.9 |
| Comparable EBITDA, % | 9.1% | 8.1% | 9.1% | |
| Comparable EBITA | 2.7 | 3.1 | -14.1% | 14.0 |
| Comparable EBITA, % | 6.5% | 6.0 % | 6.7 % | |
| Operating result (EBIT) | 1.4 | 1.0 | 43.1% | 4.4 |
| Profit/loss for the period | 0.7 | 0.2 | 267.7% | 1.2 |
| Comparable earnings per share, EUR(2 | 0.024 | 0.030 | -19.0% | 0.151 |
| Cash flow from operating activities | 0.4 | -0.2 | 323.3% | -0.4 |
| Return on capital employed (ROCE), %, (annualized) | 5.7% | 4.3% | 4.8% | |
| Comparable return on capital employed (ROCE), %, (annualized) | 7.1% | 6.7% | 11.3% | |
| Equity ratio, % | 45.7% | 43.6% | 43.3% | |
| Net gearing, % | 42.0% | 32.6% | 43.8% | |
| Number of employees at end of period | 757 | 808 | 772 |
- + cost, - income
- On April 22, 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.
PRESS MEETING
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 accessed through the link: Glaston Q1 2026 webcast.
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:
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.
