Glaston’s half-year financial report January─June 2026: Services developing positively in weak market environment, relative profitability holding up

GLASTON CORPORATION HALF-YEAR FINANCIAL REPORT 2026 12.8.2026 at 8:30 EEST

This release is a summary of Glaston Corporation's Half-Year January-June 2026 financial report. The complete report is attached to this release as a pdf-file. The release is also available on the company's website at the address www.glaston.net.

APRIL–JUNE 2026 IN BRIEF

Orders received totaled EUR 38.9 (38.1) million
Net sales totaled EUR 41.5 (51.7) million
Comparable EBITA was EUR 2.7 (3.1) million, i.e. 6.6 (6.1)% of net sales
The operating result (EBIT) was EUR 8.8 (-0.5) million. EBIT includes a EUR 7.8 million gain from the sale of the property in Switzerland
Comparable earnings per share were EUR 0.048 (0.019)

JANUARY–JUNE 2026 IN BRIEF

Orders received totaled EUR 79.4 (85.2) million
Net sales totaled EUR 82.5 (103.3) million
Comparable EBITA was EUR 5.4 (6.3) million, i.e. 6.6 (6.1)% of net sales
The operating result (EBIT) was EUR 10.2 (0.5) million. EBIT includes a EUR 7.8 million gain from the sale of the property in Switzerland
Comparable earnings per share were EUR 0.073 (0.049)

GLASTON SPECIFIES OUTLOOK FOR 2026

In the first half of 2026, the glass processing equipment markets were soft, and Glaston expects market activity to remain slow during the rest of the year. For the architectural glass processing equipment markets, a significant recovery is not expected in the near future. Driven by China, the mobility glass processing equipment market is expected to remain at the same level as in 2025. Supported by the installed base and continuous customer demand for lifecycle services, the service business environment is expected to continue at a good level.

In response to the weak market environment, Glaston continues its actions for improved efficiency, cost management, and selective growth opportunities, particularly in lifecycle services and targeted technology areas. Amid increased global economic unpredictability, higher-than-normal uncertainty is related to customers’ investment activity.

Glaston entered the year with a lower order backlog than in the previous year. Given the cautious market environment, Glaston Corporation estimates that its net sales will decrease in 2026 from the levels reported for 2025. Comparable EBITA is estimated to amount to EUR 9.0−11.0 million. In 2025, Group net sales totaled EUR 208.8 million and comparable EBITA was EUR 14.0 million.

(Previous outlook: Glaston Corporation estimates that its net sales and comparable EBITA will decrease in 2026 from the levels reported for 2025.)

CEO MIIKA ÄPPELQVIST:
“In the second quarter, uncertainty in the global economy and geopolitical environment continued, and market conditions remained weak. In the Architectural market, activity in new machine investments remained limited, while demand for upgrades gained momentum. This was supported by customers’ increasing focus on improving the performance and extending the lifetime of their existing equipment, as well as by our commercial focus on upgrade opportunities. In the Mobility market, activity in China remained at a reasonable level.
In the second quarter, the level of order intake remained unsatisfactory. The order intake for tempering and laminating technologies increased slightly, whereas order intake for insulating glass technologies fell compared to the comparison period. Driven by demand for our pre-processing lines in China, order intake for Mobility, Display & Solar Technologies more than doubled from a weak comparison period. For Services, upgrade investments and activity increased in EMEA and especially in Americas, where major upgrade orders were received. Services order intake increased by 21%, and was the strongest for pre-processing upgrades in Glaston’s history. This development demonstrates the resilience of our installed base driven lifecycle business.

The Group’s low order intake in the second half of 2025 was reflected in net sales, which were down by 20% to EUR 41.5 million. In the second quarter, Services’ net sales represented 47% of total net sales. Comparable EBITA was EUR 2.7 million, down by 13%. Despite the significant decline in net sales, our comparable EBITA margin improved to 6.6%. Demonstrating the importance of our cost saving program, our EBITA margin was up compared to both the previous quarter (6.5%) and the corresponding period in 2025 (6.1)%. The program was launched almost a year ago, targeting annual run rate savings of EUR 6 million. Including both permanent and short-term actions, the target was met already by the end of the first quarter this year. We continue to maintain disciplined cost management to ensure our cost base remains sustainable also in the lower new equipment investment demand environment.

Following the transfer of production from Switzerland to China in 2025, we completed the sale of the Swiss property during the second quarter. The sales price amounted to EUR 9.9 million, generating a gain of EUR 7.8 million, further strengthening our financial position.

We enhanced our customer interface, and the EMEA + APAC market area organization was divided into two market areas: Europe, Middle East, Africa and India (EMEAI) and China & South East Asia (SEA). The renewed commercial structure reflects a focused move to simplify our operating model and to have leadership closer to our customers.

Glaston has a long tradition as a technology frontrunner. In the reporting period, our technology portfolio was further strengthened through the acquisition of selected intellectual property rights related to a unique local area coating concept. This technology offers interesting opportunities, aligned with our vision, to integrate more intelligence into glass. As a global technology forerunner, we also actively protect and enforce our intellectual property rights worldwide. Following the end of the reporting period, we confirmed the final settlement in a patent litigation matter concerning Glaston's proprietary glass tempering technology. After a five-year process, the outcome reinforces the strength of our technology portfolio and our commitment to protecting innovations that create value for our customers.

Due to the uncertainty in the global business environment, we expect market activity to remain slow throughout the year. In this weak demand environment, our priority is to be close to our customers and to secure our order intake. At the same time, we remain focused on measures that are within our own control: disciplined cost management, operational reliability and value creation for our customers. In the first half of the year, our financial position improved. This strengthens our ability to invest in growth initiatives, while also maintaining resilience amid continued market uncertainty.”

GLASTON GROUP’S KEY FIGURES

MEUR	4-6/ 2026	4-6/ 2025	Change %	1-6/ 2026	1-6/ 2025	Change %	1-12/ 2025
Orders received	38.9	38.1	2.3%	79.4	85.2	-6.8%	177.4
of which service operations	21.6	17.8	21.4%	40.7	35.5	14.7%	73.8
of which service operations, %	55.4%	46.7%		51.2%	41.7%		41.6%
Order book at end of period	58.2	77.4	-24.9%	58.2	77.4	-24.9%	61.3
Net sales	41.5	51.7	-19.6%	82.5	103.3	-20.2%	208.8
of which service operations	19.5	19.5	0.0%	38.9	39.4	-1.2%	81.2
of which service operations, %	47.0%	37.8%		47.2%	38.2%		38.9%
EBITDA	10.9	1.7	536.6%	14.6	4.9	195.4%	13.8
Items affecting comparability ⁽¹	-7.2	2.5	-385.1%	-7.1	3.5	-302.1%	5.1
Comparable EBITDA	3.7	4.2	-12.6%	7.4	8.5	-11.9%	18.9
Comparable EBITDA, %	8.9%	8.2%		9.0%	8.2%		9.1%
Comparable EBITA	2.7	3.1	-12.8%	5.4	6.3	-13.4%	14.0
Comparable EBITA, %	6.6%	6.1%		6.6%	6.1%		6.7%
Operating result (EBIT)	8.8	-0.5	1826.9%	10.2	0.5	2044.0%	4.4
Profit/loss for the period	7.5	-1.5	608.3%	8.2	-1.3	729.6%	1.2
Comparable earnings per share, EUR	0.048	0.019	146.5%	0.073	0.049	47.3%	0.2
Cash flow from operating activities	0.1	2.0	-93.7%	0.5	1.9	-71.5%	-0.4
Return on capital employed (ROCE), %, (annualized)				19.7%	1.3%		4.8%
Comparable return on capital employed (ROCE), %, (annualized)				7.4%	10.0%²⁾		11.3%
Equity ratio, %				49.0%	42.2%		43.3%
Net gearing, %				24.8%	40.0%		43.8%
Number of employees at end of period				750	814	-7.9%	772

_{+ cost, - income}
_{Comparison period figure has been adjusted}

ANALYST AND PRESS MEETING

Glaston’s CEO Miika Äppelqvist and CFO Magnus Sjöblom will present the financial result to analysts, investors and media representatives today at 11.00 a.m. (Finnish time) in English. The webcast can be accessed through the link: Glaston Q2/2026 webcast.

An on-demand version of the presentation will be available on the company's website later during the same day.

For further information, please contact:
CEO Miika Äppelqvist, tel. +358 10 500 500
CFO Magnus Sjöblom, tel. +358 10 500 500

GLASTON CORPORATION

Agneta Selroos
Communications Manager
Tel. +358 10 500 6105

Glaston in brief
Glaston is the glass processing industry’s innovative technology leader supplying equipment, services and solutions to the architectural, mobility, display and solar industries. The company also supports the development of new technologies integrating intelligence to glass.

Glaston is committed to providing its clients with both the best know-how and the latest technologies in glass processing, with the purpose of building a better tomorrow through safer, smarter, and more energy efficient glass solutions. Glaston operates globally with manufacturing, services and sales offices in nine countries and its shares (GLA1V) are listed on Nasdaq Helsinki Ltd.

Distribution: Nasdaq Helsinki Ltd., key media, www.glaston.net