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/ 10-12/ Change% 1-12/2 1-12/2 Change%
2025 2024 025 024
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 0.8 2.5 -67.2% 5.1 5.2 -3.1%
comparability[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, 0.026 0.050 -48.5% 0.151 0.185 -18.3%
EUR[2)]
Cash flow from operating 0.5 3.5 -86.4% -0.4 1.5 -128.6%
activities
Return on capital employed 4.8% 6.0%
(ROCE), %, (annualized)
Comparable return on capital 11.3% 12.6%
employed (ROCE), %,
(annualized)
Equity ratio, % 43.3% 43.4%
Net gearing, % 43.8% 29.6%
Number of employees at end of 772 817 -5.5%
period
1. + cost, - income
2. 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 (https://glaston.events.inderes.com/q4
-2025/register)
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.