Glaston (GLA1V) Q2 2025 earnings summary

Executive summary

• Q2 saw a 24% year-over-year decline in order intake to EUR 38.1 million, while net sales rose 4% to EUR 51.7 million, with services comprising 38% of total net sales.

• Comparable EBITA was EUR 3.1 million (6.1% margin), down from the prior year.

• CEO transition completed in June 2025, with Miika Äppelqvist appointed as President & CEO.

• A cost reduction program targeting EUR 6 million in annual savings was announced, potentially impacting up to 40 jobs.

• A reverse share split (2:1) was executed in April 2025, resulting in 42,145,805 outstanding shares.

Financial highlights

• Order intake dropped 24% year-over-year to EUR 38.1 million, with tempering and laminating technologies down 65% and mobility, display, and solar down 49%.

• Insulating glass technologies order intake rose 32% year-over-year from a low base; net sales up 10%.

• Net sales increased 4% to EUR 51.7 million, with EMEA up 7%, Americas up 3%, and APAC flat.

• Comparable EBITA/EBITDA margin was 6.1% in Q2 2025, down from 6.6% a year earlier.

• Cash flow in Q2 was EUR 2 million; net gearing increased to 40% due to capital repayment.

Outlook and guidance

• Net sales for 2025 are expected between EUR 206 million and EUR 215 million, with comparable EBITA of EUR 13.1–15.1 million, both down from the previous year.

• Management expects stronger order intake in the second half and does not view Q2 as a new normal.

• Market activity anticipated to remain slow; further cost reductions and efficiency measures planned.

• A strong backlog and cost-saving measures support confidence in meeting guidance.