Glaston Corporation’s interim report January-March 2025

This release is a summary of Glaston Corporation's Interim Report for January−March 2025. 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.

JANUARY─MARCH 2025 IN BRIEF

• Orders received totaled EUR 47.1 (46.6) million.
• Net sales totaled EUR 51.7 (55.8) million.
• Comparable EBITA was EUR 3.1 (3.6) million, i.e. 6.0 (6.4)% of net sales.
• The operating result (EBIT) was EUR 1.0 (1.9) million.
• The comparable earnings per share were EUR 0.015 (0.019).

GLASTON’S OUTLOOK FOR 2025 REMAINS UNCHANGED

In 2025, the glass processing equipment markets are expected to remain soft. The architectural market shows no signs of significant recovery for this year. For mobility glass processing equipment, the market activity in China shows signs of a slowdown. Due to increasing global economic uncertainty, continued geopolitical tensions, and the risk of a global trade war, a higher-than-normal level of uncertainty exists concerning customers’ decision-making.

Given the sluggish greenfield investment environment, the company’s growth opportunities arise from new product innovations, services, and upgrade products. Implemented and on-going structural cost-saving actions support profitability. Glaston Corporation estimates that its net sales will remain at the same level and comparable EBITA will stay at the same level or increase slightly in 2025 from the levels reported for 2024. In 2024, Group net sales totaled EUR 217.9 million and comparable EBITA was EUR 15.3 million.

CEO TONI LAAKSONEN

“The first quarter of 2025 was characterized by growing global uncertainty and a high degree of unpredictability. Our markets remained soft with continued investment hesitation. Despite the prevailing conditions, Glaston’s performance in the first quarter was satisfactory.

Our order intake was slightly up year-on-year. Order intake for Tempering and Laminating Technologies recovered from the very low level of the comparison period, while order intake for Insulating Glass Technologies and for Mobility, Display and Solar Technologies was below the level of the previous year. The order intake for Services was down 6%.

First-quarter net sales were down 7% to EUR 51.7 million, with weaker year-on-year performance for Insulating Glass Technologies and Mobility, Display and Solar Technologies. Services’ net sales increased by 12%. Comparable EBITA was EUR 3.1 million, down by 12%. The main contributor to this outcome was the weak performance in the Mobility, Display and Solar segment.

To accelerate profitability development, we launched a number of new group-wide efficiency and cost-saving initiatives. To ensure that we are set up to serve our customers in the prevailing market situation, we announced in April plans to adjust the organization and ways of working in order to increase efficiencies and speed up decision-making. Due to the planned measures, change negotiations involving the functions in Finland were started. As an outcome, maximum four employment contracts will be terminated. The transfer of all pre-processing equipment production from Switzerland to our factory in Tianjin, China, has progressed as planned, and the transfer is estimated to be completed during the summer.

Glaston’s new organizational structure came into effect at the beginning of the year. Building an industry-leading customer experience, especially in services, is one of our strategic focus areas. The new Service Supply & Development Business Function has a key role in this development as it focuses on global spare parts operations, services’ processes, and systems development. A new head of Service Supply & Development joined the company in April to give this process a boost. To further simplify and increase efficiency in decision making, all Market Area leaders will as of today report directly to CEO.

Interest in more energy-efficient and environmentally sustainable glass solutions is growing. Since its launch in fall 2024, Glaston’s ULTRA TPS® line for triple TPS^® insulating glass units with center glass as thin as 0.5 mm has been well received on the market. During the quarter, the product continued to gain traction and we closed a deal in the UK. The development of processing these energy-efficient and light-weight units has required extensive product development work on our part, and we have patented the novel production process.

Due to the increasing uncertainty in the global business environment, we expect market activity to remain slow. We will continue to closely monitor market developments and, if needed, we will take further actions. Despite the tough business climate, our new products provide us with growth opportunities. Supported by our product development investments and ongoing actions to support profitability, our outlook for 2025 remains unchanged.”

GLASTON GROUP’S KEY FIGURES

PRESS MEETING

CEO Toni Laaksonen and CFO Magnus Sjöblom will present the financial result to analysts, investors and media representatives today at 11:00 (Finnish time) in English.

The audiocast can be accessed through the link: Glaston January-March 2025 Interim Report .

An on-demand version of the presentation will be available on the company's website later during the same day.

» Glaston Interim Report January-March 2025