Glaston (GLA1V) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered solid performance despite a challenging market, with net sales up 4% year-over-year to EUR 55.4 million and order intake at EUR 52.8 million, driven by Mobility, Display & Solar growth and offsetting a 13% decline in Architecture.

• Profitability improved, with a 7.5% EBITDA/EBITA margin and strong results in mobility, display, and solar technologies, especially in China.

• Strategic focus is shifting to services and global operations, with organizational restructuring and a new CEO to accelerate strategy execution.

• Transfer of pre-processing equipment production from Switzerland to China is underway, aiming for cost savings and operational efficiency.

Financial highlights

• Q3 2024 net sales: EUR 55.4 million (+4% year-over-year); order intake: EUR 52.8 million; 9M net sales: EUR 161.1 million (+1%).

• Q3 EBITDA/EBITA: EUR 4.2 million (7.5% margin); Q3 EBIT: EUR 2.2 million (+31% year-over-year); Q3 profit: EUR 1.3 million (+63%).

• Operating cash flow was EUR 8.8 million, supported by profit growth and working capital; net debt and gearing returned to Q3 2023 levels.

• Net gearing at end of Q3: 16–32.2%; equity ratio: 43.8%.

• EPS (9M): EUR 0.032; comparable EPS: EUR 0.067.

Outlook and guidance

• Full-year 2024 outlook unchanged: net sales expected at EUR 219.7–220 million, comparable EBITDA/EBITA at EUR 14.5–16 million.

• Delayed market recovery limits sales growth, but cost-saving actions are expected to support profitability.