Glaston (GLA1V) investor relations material

Executive summary

• Q2 2025 was challenging with a 24% year-over-year decline in order intake, while Q3 saw a further 18% drop, especially in the architectural and mobility segments, but net sales increased 2% to EUR 56.5 million and profitability improved.

• Cost reduction and efficiency programs were implemented, targeting EUR 6 million in annual savings, with EUR 2.6 million realized by Q3, including organizational restructuring and supply chain centralization.

• The Uniglass initiative was launched to broaden the product portfolio and introduce a digital-first sales model, targeting new market segments in EMEA and Americas.

• A new CEO and management team changes occurred, with a reverse share split and capital repayment to shareholders.

Financial highlights

• Q3 2025 net sales increased 2% year-over-year to EUR 56.5 million; comparable EBITA rose 15% to EUR 4.8 million, with an 8.5% margin.

• Q3 order intake was EUR 43.4 million, down 18% year-over-year; services accounted for 38% of net sales.

• Cash flow from operating activities in Q3 was negative at EUR -2.8 million, mainly due to a decrease in advance payments.

• Net gearing improved to 16% by Q3 2025, but was 44.5% at the end of September; cash and cash equivalents at period end were EUR 6.7 million.

• All financial covenants were met, with liquidity supported by committed credit facilities.

Outlook and guidance

• Net sales for 2025 are expected between EUR 206 million and EUR 215 million, with comparable EBITA between EUR 13.1 million and EUR 15.1 million, both lower than 2024.

• Management expects stronger order intake in the second half of the year, supported by a solid backlog and ongoing cost-saving measures.

• Market activity in architectural glass processing equipment is expected to remain slow for the rest of 2025, with ongoing geopolitical and economic uncertainty impacting customer investment decisions.