Glaston (GLA1V) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw stable development in architectural glass equipment amid ongoing market uncertainty, with satisfactory results and new efficiency initiatives launched.

• Order intake increased by 1% year-over-year, mainly driven by the Architecture segment, while net sales declined 7% to EUR 51.7 million.

• Comparable EBITA/EBITDA fell 12% to EUR 3.1 million, with a margin of 6.0%, mainly due to weak Mobility, Display & Solar segment performance.

• New group-wide efficiency and cost-saving initiatives were launched to support profitability.

• The transfer of pre-processing equipment production from Switzerland to China is on track for completion in summer 2025.

Financial highlights

• Orders received: EUR 47.1 million (+1% year-over-year); order book at period end: EUR 90.8 million (-11%).

• Net sales: EUR 51.7 million (-7% year-over-year); Services net sales up 12% to EUR 19.9 million.

• Comparable EBITA/EBITDA: EUR 3.1 million (6.0% margin); Operating result (EBIT): EUR 1.0 million.

• Cash flow from operating activities: EUR -0.2 million (improved from EUR -6.8 million year-over-year).

• Net interest-bearing debt: EUR 21.8 million; net gearing at 32.6%–33%.

Outlook and guidance

• Outlook for 2025 remains unchanged, with net sales and comparable EBITA/EBITDA expected to stay at or slightly above 2024 levels (EUR 217.9 million and EUR 15.3 million, respectively).

• Growth opportunities seen in new product innovations, services, and upgrades, supported by ongoing cost-saving actions.

• Confidence in outlook is supported by a solid sales pipeline, though tariff and market uncertainties persist.

• Glass processing equipment markets expected to remain soft; architectural market shows no significant recovery signs for 2025.