Glaston (GLA1V) Q4 2023 earnings summary

Executive summary

• FY 2023 net sales rose 3% to €219.7m; comparable EBITA increased to €14.9m from €13.6m, with margin rising to 6.8%.

• Q4 net sales were stable at €59.7m; comparable EBITA reached €4.6m and margin was 7.6%.

• FY order intake fell 12.9% to €220.3m amid weak Architecture demand; profitability improved through the year.

Financial highlights

• FY operating profit was €8.1m vs. €7.6m; net profit was €5.0m vs. €3.1m, and comparable EPS was €0.104 vs. €0.074.

• Q4 operating profit was €2.7m vs. €2.5m; net profit was €2.3m vs. €1.3m, and comparable EPS was €0.039 vs. €0.027.

• FY operating cash flow reached €13.8m vs. €10.2m; year-end order book was €106.5m, down 23% YoY or 10% excluding the prior-period cancellation.

• FY comparability items were €3.3m, mainly production transfer to China and restructuring costs.

Outlook and guidance

• 2024 net sales and comparable EBITA are expected to remain at 2023 levels or increase slightly; 2023 baselines were €219.7m and €14.9m.

• Architecture markets are expected to recover slowly in 2024, with Europe improving toward year-end; Americas demand is expected to hold, while Mobility growth is expected to continue, led by China.

• Medium-term targets, shifted from 2025 to a 3–5-year horizon, are net sales growth above addressable market growth, 10% comparable EBITA margin and comparable ROCE above 16%.