Glaston (GLA1V) Q2 2026 earnings summary

Executive summary

• Services segment demonstrated strong growth and resilience, with orders up 21% year-over-year, offsetting weak demand in machine segments and supporting profitability.

• Net sales declined 20% year-over-year to EUR 41.5 million, reflecting low order intake in core equipment markets.

• Profitability improved in relative terms, with comparable EBITA margin rising to 6.6% from 6.1% year-over-year.

• Sale of Swiss property generated a one-time gain of EUR 7.8 million, significantly boosting EBIT and supporting cash flow.

• Organizational changes included splitting EMEA+APAC into EMEAI and SEA, with new commercial leaders appointed and sustainability initiatives advanced.

Financial highlights

• Order intake increased 2% year-over-year to EUR 38.9 million, but overall level remained unsatisfactory.

• Net sales fell 20% year-over-year to EUR 41.5 million.

• Comparable EBITA for H1: EUR 5.4 million (6.6% margin), down from EUR 6.3 million (6.1%) YoY.

• Operating cash flow was slightly positive at EUR 0.1 million in Q2; H1 cash flow from operating activities was EUR 0.5 million.

• Net debt reduced to EUR 10.9 million, with net gearing at 16% following the property sale.

Outlook and guidance

• 2026 net sales projected to decrease from 2025 levels due to a lower starting order backlog and cautious market environment.

• Comparable EBITA for 2026 is estimated at EUR 9.0–11.0 million, down from EUR 14.0 million in 2025.

• No significant recovery expected in architectural equipment markets for the rest of 2026.