Slide 1: Glaston Q1/2023: Solid performance in the Architectural business continued
Glaston Q1/2023: Solid performance in the Architectural business continued 26 April 2023 Anders Dahlblom, CEO Päivi Lindqvist, CFO
Slide 2: Content
Content • Q1/2023 highlights • Market review • Financial development • Outlook 2023
Slide 3: Q1/2023 Highlights
Q1/2023 HIGHLIGHTS
Slide 4: Q1 2023 highlights
Q1 2023 highlights • Markets continuing at a good level despite growing market uncertainty • Good profitability improvement in Heat Treatment business and positive order intake in the Automotive & Display business • Order intake below the level of Q1/2022, but higher than in Q4/2022 • First-quarter
Slide 5: Key Figures
Key Figures 1–3/2023 1–3/2022 Change% 1–12/2022 Order intake 56.9 59.0 -3.6% 253.0 Order backlog 139.0 98.1 +41.7% 138.3 Net sales 51.3 52.3 -1.9% 213.5 Comparable EBITA 3.0 3.5 -13.8% 13.6 EBITA% 5.8% 6.6% 6.4% 5 January−March 2023 26 April 2023
Slide 6: Market environment in Q1
Market environment in Q1 EMEA Americas APAC China: • For Insulating Glass, the markets • For Insulating Glass, demand was • For Insulating Glass, a slow start to remained solid slower than in the previous quarter the year was noted • For Heat Treatment, demand • For Heat Treatment, good demand • For
Slide 7: Strategy progress
Strategy progress • Management review of strategy actions in order to ensure progress towards the strategic targets given the changed market environment • No major changes for the must-win projects and cornerstone initiatives were identified, whereas some new potential opportunities were mapped into
Slide 8: Financial development
FINANCIAL DEVELOPMENT
Slide 9: Reasonable order intake supported by strong growth in Automotive & Display
Reasonable order intake supported by strong growth in Automotive & Display Group orders received, MEUR and yoy% Q1 2023 orders received by product area, MEUR and yoy% -14% -2% 12,1 18,5 90% -11% 86,2 31% 16,4 9,6 64,5 25% -13% -4% 59,1 59,0 -13% 56,2 56,9 51,7 47,2 45,4 Heat Treatment Technologies I
Slide 10: Net sales slightly down driven by Automotive Technologies and Services Upgrades
Net sales slightly down driven by Automotive Technologies and Services Upgrades Group net sales, MEUR and yoy% Q1 2023 net sales by product area, MEUR and yoy% 7% -2% 16,2 18,0 14% 29% 24% 59,8 -2% -46% 52,6 52,3 53,5 3% 2,5 0% 51,3 46,4 47,9 14,8 40,4 43,3 Heat Treatment Technologies Insulating Gla
Slide 11: Americas growing strongly, EMEA and APAC declining
Americas growing strongly, EMEA and APAC declining Q1 2023 net sales by region MEUR, yoy% and share of total EMEA 25.4 MEUR 49% -11% 36% Americas 18.5 MEUR 15% +45% APAC 7.5 MEUR -33% 11 January−March 2023 26 April 2023
Slide 12: Heat Treatment and Insulating Glass with solid profits, Automotive & Display loss
Heat Treatment and Insulating Glass with solid profits, Automotive & Display loss taking the Group down EBITA EBITA% 6,9 % 7,0 % 6,0 6,6 % 6,6 % 6,6 % 5,8 % 5,0 5,5 % 5,1 % 5,1 % 4,0 3,0 21% 2,0 68% 48% 4,2 3,5 -14% 3,2 3,5 3,5 -23% 3,0 1,0 2,4 2,5 2,1 0,0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2
Slide 13: Reporting segments
Reporting segments
Slide 14: Heat Treatment – strong profitability
Heat Treatment – strong profitability • Market activity continued at a good level despite increasing market uncertainty MEUR 1–3/2023 1–3/2022 Change% 1–12/ • Some investments were pushed back and 2022 order intake was down 15%, upgrades Order intake 19.1 22.4 -14.6% 95.1 order intake recovering fur
Slide 15: Insulating Glass – solid EBITA despite margin pressure
Insulating Glass – solid EBITA despite margin pressure • Reflecting longer decision times, Q1 order MEUR 1–3/2023 1–3/2022 Change% 1-12/ intake was down 8%, slow start of year in 2022 services Order intake • Net sales increased slightly, China net sales 23.5 25.5 -8.1% 126.6 close to 60% lower than
Slide 16: Automotive & Display – low volume and production ramp-up in China led to a loss
Automotive & Display – low volume and production ramp-up in China led to a loss • Strong order intake growth in both machines MEUR 1–3/2023 1–3/2022 Change% 1–12/ and services, machines boosted by one EUR 2022 8 million order Order intake 14.0 10.8 29.4% 30.4 • Net sales were down 19%, mainly due to
Slide 17: As usual for Q1 working capital increased, cash flow negative but better than previous years
As usual for Q1 working capital increased, cash flow negative but better than previous years Quaterly operating cash flow, MEUR 7,7 8,7 6,6 5,5 3,5 4,4 3,8 0,6 -0,3 -0,5 -0,5 -3,1 -6,8 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net debt, M
Slide 18: Outlook
OUTLOOK 2023
Slide 19: Glaston's outlook remains unchanged
Glaston’s outlook remains unchanged Glaston entered 2023 with an order backlog 46 % higher than in the previous year, which supports the company’s net sales and profitability development. The Automotive production ramp-up in China continues to have a negative impact on profitability in the second qu
Slide 20: Questions
QUESTIONS
Slide 21: Glass Performance Days
Glass Performance Days • Organized by Glaston, Glass Performance Days (GPD) is a forum dedicated to the development of the global glass industry through an exchange of ideas, concepts and innovations • GPD brings together the entire glass industry, from researchers to architects, designers, glass pr
Slide 22: Financial reports in 2023
Financial reports in 2023 Half year financial report January-June 2023, on 1 August 2023 Interim report January-September 2023, on 26 October 2023
Slide 23: Forward-looking statements disclaimer
This interim report provides future prospects involving risk and uncertainty factors, and other factors as a result of which the performance, operation, or achievements of Glaston may substantially deviate from the estimates. Forward-looking statements relating to future prospects are subject to ris
Slide 24: Thank you!
> www.glaston.net Thank you! IR-contact: pia.posio@glaston.net 24 January−March 2023 26 April 2023