Glaston (GLA1V) Q4 2025 earnings summary

Executive summary

• Q4 2025 order intake was the year's highest at EUR 48.8 million, though still down 8% year-over-year, with improvement in the Middle East.

• Full-year 2025 saw a 13% decline in order intake and a 4% drop in net sales to EUR 208.8 million, with continued softness in architectural and mobility markets.

• Cost reduction program launched in August 2025, with EUR 4.2 million annualized savings realized by year-end.

• No dividend or capital repayment proposed for 2025; CEO change in June 2025.

• Services business provided stability, offsetting some machine sales decline.

Financial highlights

• Q4 net sales fell 14% year-over-year to EUR 49 million; comparable EBITDA/EBITA was EUR 3 million with a 6.1% margin.

• Full-year net sales were EUR 208.8 million, down 4%; comparable EBITDA/EBITA was EUR 14 million (6.7% margin); comparable EPS was EUR 0.151.

• Operating cash flow was positive at EUR 0.5 million in Q4 but negative for the full year at EUR -0.4 million.

• Operating result (EBIT) was EUR 4.4 million, down from EUR 5.8 million in 2024.

• Profit for the year was EUR 1.2 million.

Outlook and guidance

• Net sales and comparable EBITDA/EBITA are expected to decrease in 2026 due to a lower order backlog and continued market softness.

• Service net sales are estimated to remain stable and are a key focus area for growth.

• Architectural equipment markets to remain cautious, with possible improvement in H2 2026; services expected to grow.

• Cost management and efficiency actions to continue amid high uncertainty in customer investment activity.