January─March 2026 in brief
Orders received totaled EUR 40.5 (47.1) million.
Net sales totaled EUR 40.9 (51.7) million.
Comparable EBITA was EUR 2.7 (3.1) million, i.e. 6.5 (6.0)% of net sales.
The operating result (EBIT) was EUR 1.4 (1.0) million.
The comparable earnings per share were EUR 0.024 (0.030).
GLASTON'S OUTLOOK FOR 2026 REMAINS UNCHANGED
In 2026, the glass processing equipment markets are expected to remain soft. Due to increased geopolitical tensions, a significant recovery for the architectural glass processing equipment markets is not expected in the near future. Driven by China, the mobility glass processing equipment market is expected to remain on the same level as in 2025. While the equipment markets remain soft, the service business environment is expected to remain resilient and at a good level, supported by the installed base and ongoing customer demand for lifecycle services.
In the current market environment, Glaston continues its actions for improved efficiency, cost management, and selective growth opportunities. Amid increasing global economic unpredictability, a higher-than-normal uncertainty is related to customers' investment activity.
Glaston entered the year with a lower order backlog than the previous year. Given the cautious market environment, Glaston Corporation estimates that its net sales and comparable EBITA will decrease in 2026 from the levels reported for 2025. In 2025, Group net sales totaled EUR 208.8 million and comparable EBITA was EUR 14.0 million.
January 1- March 31, 2026
CEO & President Miika Äppelqvist:
"In the first quarter of 2026, uncertainty in the global business environment increased further. The beginning of the year is typically a quieter period for us; however, our first-quarter performance was additionally affected across our Market Areas by the outbreak of the war in the Middle East in March. The Services business was not as heavily affected, and activity remained at a good level throughout the quarter. Demand for service work increased in EMEA and Americas and we also closed deals for several smaller upgrades.
Reflecting the challenging market environment, order intake was down by 14% totaling EUR 40.5 million. Order intake for Tempering and Laminating Technologies was below the level of the previous year, while order intake for Insulating Glass Technologies was up by 13%. Mobility, Display & Solar Technologies' order intake was on the same level as in the previous year. Among the highlights in the order intake was the order for Glaston ULTRA TPS® lines for manufacturing insulating glass units with ultra-thin center glass enabling our customers to truly differentiate in the market with energy performance and unit weight. We also closed a deal for our brand-new automatic loading system, which is an important add-on to our tempering furnaces, helping our customers further automate their production and to gain efficiencies. The order intake for Services was up by 8%.
First-quarter net sales were down by 21% to EUR 40.9 million, which was primarily due to the low number of new orders in the second and third quarters of last year and the timing of some project deliveries to customers. Services' net sales represented 48% of total net sales, highlighting its importance in our offering. Supported by our cost control measures, comparable EBITA was EUR 2.7 million and EBITA margin was up year-on-year at 6.5%.
In this environment, the execution of the cost-saving program was accelerated. In addition to personnel expenses, the comprehensive program includes initiatives to enhance supply-chain efficiency, reduce ICT costs, and implement a broad range of measures aimed at reducing the company's fixed cost base. We have been able to identify and execute cost-saving measures at a faster pace than expected, and the actions implemented up to the end of the first quarter will lead to annual run rate savings of approximately EUR 6 million. These will be realized during 2026.
Given the increased uncertainty in the global business environment, we expect market activity to remain slow. In this tough business climate with increasing price competition, we will continue to focus on winning the right deals, developing our service business, and adjusting our operations in a disciplined manner, ensuring readiness when market conditions improve."
GLASTON GROUP'S KEY FIGURESMEUR | 1-3/2026 | 1-3/2025 | Change, % | 1-12/2025 |
Orders received | 40.5 | 47.1 | -14.0% | 177.4 |
of which service operations | 19.1 | 17.7 | 7.9% | 73.8 |
of which service operations, % | 47.2% | 37.6% | 41.6% | |
Order book at end of period | 60.8 | 90.8 | -33.0% | 61.3 |
Net sales | 40.9 | 51.7 | -20.8% | 208.8 |
of which service operations | 19.4 | 19.9 | -2.5% | 81.2 |
of which service operations, % | 47.5% | 38.6% | 38.9% | |
EBITDA | 3.6 | 3.2 | 13.3% | 13.8 |
Items affecting comparability (1 | 0.1 | 1.0 | -90.6% | 5.1 |
Comparable EBITDA | 3.7 | 4.2 | -11.3% | 18.9 |
Comparable EBITDA, % | 9.1% | 8.1% | 9.1% | |
Comparable EBITA | 2.7 | 3.1 | -14.1% | 14.0 |
Comparable EBITA, % | 6.5% | 6.0 % | 6.7 % | |
Operating result (EBIT) | 1.4 | 1.0 | 43.1% | 4.4 |
Profit/loss for the period | 0.7 | 0.2 | 267.7% | 1.2 |
Comparable earnings per share, EUR(2 | 0.024 | 0.030 | -19.0% | 0.151 |
Cash flow from operating activities | 0.4 | -0.2 | 323.3% | -0.4 |
Return on capital employed (ROCE), %, (annualized) | 5.7% | 4.3% | 4.8% | |
Comparable return on capital employed (ROCE), %, (annualized) | 7.1% | 6.7% | 11.3% | |
Equity ratio, % | 45.7% | 43.6% | 43.3% | |
Net gearing, % | 42.0% | 32.6% | 43.8% | |
Number of employees at end of period | 757 | 808 | 772 |
1) + cost, - income
2) On April 22, 2025, a reverse share split was carried out. The number of shares and the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
OPERATING ENVIRONMENT
Architectural glass equipment
In the first quarter, the Architectural market remained soft. Due to elevated uncertainty in the global markets and unfavorable developments in key economic indicators, hesitation among customers regarding investments continued. In the US, uncertainty in the business environment increased. In addition to the tariff situation, higher inflation and the conflict in the Middle East caused market unpredictability. In the EMEA area, key markets such as Germany and Austria remained at a low level of activity, with customers waiting for environment stabilizing and also political stimulus measures.
Demand for tempering and laminating equipment was at a low level in all market areas and hesitation among customers regarding investments continued. Overall activity in lamination projects increased.
Demand for insulating glass equipment was also affected by uncertainty in the global markets. Interest in the new Glaston ULTRA TPS® line for triple TPS® insulating glass units with ultra-thin center glass continued, especially in the EMEA markets. In China and Southeast Asia, the positive momentum for the Comfort TPS® line remained intact.
In Services, demand remained resilient. In EMEA Services, activity in field services and spare parts improved. In Americas, the high demand for daily services (spare parts and service work) continued. APAC had a slow start to the year, and the market continued to be soft. However, demand for insulating glass spare parts and field services has also been gaining momentum.
Interest toward different upgrades in different market areas remained active, although overall uncertainty affected decision making regarding upgrade projects in late first quarter.
Mobility, Display & Solar glass equipment
In the first quarter, the mobility market remained moderately active. Activity in the electric vehicle segment continued at a good level. In addition, increasing demand was observed for value-added glass solutions, including thin glass and glass with complex shapes.
The majority of global investments across the mobility glass value chain continue to take place in China, and the markets in the APAC region were broadly stable. In China, the pre-processing mobility market remained largely unchanged.
In North America, where customers battled significant headwinds with supply chain constraints and higher component pricing, the mobility market remained challenging. Given the weak market conditions, demand for upgrades, spare parts, and field services developed positively as customers looked to optimize their production. In South America, market activity increased, with several customers requesting quotations. In EMEA, demand continued to be subdued, with geopolitical uncertainty negatively affecting customers' willingness to invest.
In Services, demand for service work was high with signs of customers' utilization rates improving. In EMEA and APAC, the high demand for pre-processing upgrades continued at a good level supported by the slight upward trend in equipment utilization rates.
FINANCIAL DEVELOPMENT OF THE GROUP
Orders received and order book
Due to the sluggish market environment, the Group's orders received were down by 14% compared to the corresponding quarter in 2025 and totaled EUR 40.5 (47.1) million. The order intake for the Architecture segment was down 18% and was EUR 31.2 (37.8) million. The Mobility, Display & Solar segment order intake was on the same level as in the comparison period: EUR 9.3 (9.3) million. Services' order intake was up 8% year-on-year.
Orders received, EUR million | 1-3/2026 | 1-3/2025 | Change% | 1-12/2025 |
Architecture | 31.2 | 37.8 | -17.6% | 140.7 |
Mobility, Display & Solar | 9.3 | 9.3 | 0.2% | 36.6 |
Total segments | 40.5 | 47.1 | -14.1% | 177.4 |
Unallocated and eliminations | 0.0 | 0.0 | 0.0 | |
Total Glaston Group | 40.5 | 47.1 | -14.0% | 177.4 |
The order book at the end of the period was 33% lower than in the corresponding period in 2025 and stood at EUR 60.8 (90.8) million. The Architecture segment's order book totaled EUR 45.9 (65.7) million, representing 75% of the Group's order book, while the Mobility, Display & Solar segment's order book totaled EUR 14.9 (25.1) million or 25% of the Group's total.
Net sales and profitability
The Group's net sales were down by 21% from the corresponding period in the previous year and totaled EUR 40.9 (51.7) million. The Architecture segment's net sales were down by 23% from the comparison period and totaled EUR 31.8 (41.2) million. Net sales in the Mobility, Display & Solar segment were down by 12% and were EUR 9.2 (10.5) million. Services' net sales were on the same level as in the comparison period.
Of total net sales, the Architecture segment accounted for 78% and the Mobility, Display & Solar segment for 23%. Geographically, the EMEA region accounted for 49%, Americas for 31%, and APAC accounted for around 21% of the company's total first-quarter net sales.
Comparable EBITA was EUR 2.7 (3.1) million, i.e. 6.5 (6.0)% of net sales. Lower volumes affected the Architecture segment's profitability and lower fixed costs could only partly offset the negative impacts. In the Mobility, Display & Solar segment, comparable EBITA and EBITA margin improved mainly due to lower fixed costs.
The Group's comparable operating result was EUR 1.5 (2.0) million, i.e. 3.7 (3.8)% of net sales. The first-quarter operating result was EUR 1.4 (1.0) million. Items affecting comparability amounting to EUR -0.1 (-1.0) million were recognized in the first quarter. Financial income and expenses were EUR -0.4 (-0.6) million. The result before taxes was EUR 1.0 (0.3) million. The result for the first quarter was EUR 0.7 (0.2) million and earnings per share were EUR 0.016 (0.004). The comparable earnings per share were EUR 0.024 (0.030).
Reporting segment Architecture
Architecture segment's first quarter in brief:
The markets continued to be soft
Order intake down by 18%; positive year-on-year development for Insulating Glass Technologies
Low net sales affected profitability
Architecture KEY RATIOS
EUR million
1─3/2026
1─3/2025
Change%
1−12/2025
Orders received
31.2
37.8
-17.6%
140.7
of which service operations
13.7
13.2
3.2 %
55.4
of which service operations, %
43.8%
35.0%
39.4%
Order book at end of period
45.9
65.7
-30.1%
46.0
Net sales
31.8
41.2
-22.8%
162.2
of which service operations
15.1
15.0
0.2%
61.5
of which service operations, %
47.4%
36.5%
37.9%
Comparable EBITA
1.8
3.5
-48.0%
12.5
Comparable EBITA, %
5.7%
8.4%
7.7%
Operating result (EBIT)
1.0
2.5
-62.2%
7.8
Operating result (EBIT), %
3.0%
6.1%
4.8%
Orders received and order book
The softness in the Architectural market continued. This was reflected in the segment's order intake, which was down by 18% compared to the corresponding period in 2025. Orders received amounted to EUR 31.2 (37.8) million and included an order to Azerbaijan including tempering, laminating, and insulating glass lines.
The order intake for Insulating Glass Technologies was up by 13%. The Glaston ULTRA TPS® insulating glass line continued to gain traction and an order for two ULTRA TPS® insulating glass lines was received. The order intake for Tempering and Laminating Technologies was down by 74%. Services' order intake was up by 3%.
The order book decreased by 30% and stood at EUR 45.9 (65.7) million at the end of the period.
Financial development
The segment's net sales were below the comparison period's level and were EUR 31.8 (41.2) million. Architectural Tempering and Laminating Technologies' net sales were down by 37% from the comparison period, while Insulating Glass Technologies' net sales decreased by 35% from the comparison period. Services' net sales were on the same level as in the comparison period.
Due to the lower volume, comparable EBITA was EUR 1.8 (3.5) million, i.e. 5.7 (8.4)% of net sales.
Reporting segment Mobility, Display & Solar
Mobility, Display & Solar segment's first quarter in brief:
High demand for pre-processing upgrades
New orders on same level as in comparison period
Comparable EBITA and EBITA margin improved
Mobility, Display & Solar KEY RATIOS EUR million | 1−3/2026 | 1−3/2025 | Change% | 1−12/2025 |
Orders received | 9.3 | 9.3 | 0.2% | 36.6 |
of which service operations | 5.5 | 4.5 | 21.9% | 18.4 |
of which service operations, % | 58.6% | 48.2% | 50.2% | |
Order book at end of period | 14.9 | 25.1 | -40.6% | 15.3 |
Net sales | 9.2 | 10.5 | -12.1% | 47.1 |
of which service operations | 4.4 | 4.9 | -10.7% | 19.7 |
of which service operations, % | 47.2% | 46.5% | 41.9% | |
Comparable EBITA | 0.9 | -0.4 | 336.6% | 1.5 |
Comparable EBITA, % | 9.5% | -3.5% | 3.2% | |
Operating result (EBIT) | 0.5 | -1.5 | 130.3% | -3.3 |
Operating result (EBIT), % | 5.1% | -14.7% | -7.1% |
Orders received
The Mobility, Display & Solar segment's order intake was on the same level as in the corresponding period in the previous year and totaled EUR 9.3 (9.3) million. The order intake included, among others, an order for a MATRIX EVO line from a customer in EMEA and pre-processing machine orders from China.
Total Services' orders were up by 22%. In APAC and EMEA, significant year-on-year growth was noted for pre-processing upgrades and the quarter was the highest ever for pre-processing upgrades in the company's history. Also, service work developed well.
The segment's order book decreased by 41% and stood at EUR 14.9 (25.1) million at the end of the period.
Financial development
The Mobility, Display & Solar segment's net sales were down by 12% and were EUR 9.2 (10.5) million due to the lower order backlog.
Due to lower fixed costs and project mix, profitability improved and comparable EBITA was EUR 0.9 (-0.4) million.
Financial position, cash flow and financing
At the end of March, the balance sheet total was EUR 165.1 (190.6) million. Intangible assets amounted to EUR 71.4 (74.8) million, of which goodwill was EUR 58.0 (58.3) million. At the end of the period, property, plant, and equipment amounted to EUR 21.2 (22.7) million and inventories to EUR 27.9 (38.7) million.
The comparable return on capital employed (ROCE) was 7.1 (6.7)%. At the end of March, net gearing was 42.0 (32.6)% and the equity ratio was 45.7 (43.6)%. Net interest-bearing debt totaled EUR 27.4 (21.8) million.
The first-quarter cash flow from operating activities, before the change in working capital, was EUR 0.7 (2.5) million. Cash flow from operating activities was EUR 0.4 (-0.2) million. Cash flow from investing activities was EUR -0.2 (-0.7) million.
Capital expenditure and product development
Gross capital expenditure totaled EUR 0.2 (0.6) million and was primarily related to product development. Depreciation and amortization of property, plant, and equipment, and intangible assets totaled EUR -2.2 (-2.2) million.
During the review period, product development continued to focus on innovations and projects to automate core products and further develop robotics and autonomous machine operations.
Research and product development expenditure, excluding depreciation, totaled EUR 1.3 (2.2) million, of which EUR 0.2 (0.4) million was capitalized. Research and product development expenditure amounted to 3.1 (4.2)% of net sales.
COST REDUCTION PROGRAM
In August 2025, Glaston announced a structured program to improve the company's efficiency and reduce costs in various cost categories to ensure profitable performance, including, among other actions, a review of the operating model. Also, measures for adapting the company's structure and ways of working to the lower than expected demand were announced. Glaston expected, that the planned measures would lead to annual run rate savings of approximately EUR 6 million and would be realized during 2026. Since the launch of the program, local measures have been taken in all main operating countries, and cost discipline is now embedded in the company's operating model.
In Finland, change negotiations were initiated in March. As an outcome, four employment contracts were terminated. In addition, the negotiations identified the need to continue the lay-offs in Finland for the period July 2026−December 2026. In Germany, reduced working hours have continued since December 2025. In Glaston's other locations, readiness to respond to potential market softening in line with local regulations has been ensured. In addition to personnel expenses, the comprehensive program covers activities for increased supply chain efficiency, reducing the ICT costs, as well as a wide range of other measures aimed at reducing the company's fixed cost base.
The cost savings actions implemented by the end of the first quarter will lead to annual run rate savings of approximately EUR 6 million and will be realized during 2026.
PERSONNEL
Glaston Group had a total of 757 (808) employees on March 31, 2026. The Architecture segment employed 619 (620), and the Mobility, Display & Solar segment employed 138 (188) people. At the Tianjin factory in China, which serves both segments, approximately 30 employees were reallocated from the Mobility, Display & Solar segment to the Architecture segment, reflecting normalized pre-processing volumes and higher insulating glass demand. On a comparable basis, excluding these internal reallocations, headcount declined clearly in both segments.
GOVERNANCE
Shares and shareholders
Glaston Corporation's shares are listed on the Nasdaq Helsinki Small Cap list. The trading code is GLA1V and the ISIN code is FI4000587340. Each share entitles its holder to one vote and a voting right. Glaston Corporation's share capital on March
31, 2026, was EUR 12.7 (12.7) million.
No. of shares and votes | Share turnover, EUR million | |||
GLA1V | 42,145,805 | 1.1 | ||
Highest | Lowest | Closing | Average price *) | |
Share price | 1.19 | 0.97 | 1.00 | 1.09 |
31.3.2026 | 31.3.2025 | |||
Market value | 42.0 | 60.1 | ||
Number of shareholders | 6,805 | 7,369 | ||
Foreign ownership, % | 28.4 | 27.9 | ||
*) trading-weighted average | ||||
Share-based incentive plan
On February 13, 2026, Glaston announced that the Board of Directors had approved the commencement of a new plan period in the company's share-based incentive plan 2025−2029.
The aim of the incentive plan is to align the objectives of shareholders and key employees to increase the value of the company in the long term, to retain key employees at the company, and to offer them a competitive incentive plan that is based on earning and accumulating the company's shares.
The share-based incentive plan 2025−2029 comprises three performance periods, the calendar years 2025−2027, 2026−2028, and 2027−2029. The Board of Directors resolves on the plan's performance criteria and on the performance levels at the beginning of each performance period. The Board of Directors initially announced the share-based incentive plan for 2025−2029 on February 14, 2025.
Performance Period 2026−2028
The potential reward of the performance period 2026−2028 will be based on Glaston Group's Cumulative comparable EBITA, cumulative Service Net Sales and annual Earnings per Share, EPS during the period of January 1, 2026 to December 31, 2028. If the performance levels of the performance criteria for the performance period 2026−2028 are achieved in full, the payable rewards correspond to a maximum total of 409,000 Glaston Corporation shares, including also the proportion to be paid in cash.
The potential reward from the performance period 2026−2028 will be paid in 2029 in a manner resolved by the Board of Directors, either partly in the company's shares and partly in cash, in which case the cash proportion is intended to cover taxes and tax-related costs arising from the reward to the key employee, or fully in cash.
The reward to be paid on the basis of the plan may be reduced if the reward cap set by the Board of Directors is reached.
In total, 10 key persons, including the company's key executive leaders, belong to the target group of the plan in the performance period 2026-2028.
SHORT-TERM RISKS AND BUSINESS UNCERTAINTIES
Ongoing global business uncertainty, heightened by the war in the Middle East and its impact on the architectural market, remains the main short-term risk for Glaston. The uncertainty of trade policies and geopolitical instability may affect the company's customers and suppliers. The prolonged process surrounding US tariffs has affected market activity, with local customers being very cautious with their investment plans.
Typically, demand for Glaston's products and services for the Architectural market is affected by general economic cycles, particularly the level of activity within the construction industry. The construction market is expected to develop unevenly. Cautious development is predicted to continue in China and in Americas, particularly in North America. Elsewhere in Asia and in EMEA, the prospects are somewhat better.
Supported by the transition to electric vehicles, China is the Mobility market's most active region. In China, market growth is expected to continue, albeit at a slower pace, and demand for pre-processing technologies has normalized from the high levels in previous years. Outside China, demand is below typical levels. However, there has been growing interest in the company's mobility heat treatment technologies.
Glaston continuously monitors the global economy's development outlook and its impact on the progress of its markets. If the weaker demand environment continues, this will affect Glaston's net sales and earnings in the machines' businesses, with a delay of four to six months. Any material slowdown in the demand for services would have a faster impact. The company's services business, which account for over 40% of the company's net sales, is less cyclical and provides stability for the business. Also, project business in general could be affected by market uncertainty. Availability challenges and the higher cost of financing may also increase customer-related credit risks.
Glaston delivers projects involving risks related to engineering, project execution, and installation. Failure to plan or manage these projects could lead to higher-than-estimated costs, revenue recognition delays, or disputes with customers.
In recent years, cyber security risks have increased. Potential cyber threats could cause various forms of operational and financial damage to the company.
Major supply chain disruptions may impact the company's performance as component scarcity may cause revenue recognition delays, whereas significantly increased raw materials prices may add to short-term profitability pressure.
Labor shortages and employee turnover are concerns in the market. Glaston's ability to maintain a high level of job satisfaction among its employees and also attract new employees is further emphasized.
Glaston's long-term strategic and operational risks and uncertainties are described in detail in the Annual Review 2025 in the Report of the Board of Directors.
EVENTS AFTER THE REPORTING PERIOD
On April 9, 2026, Glaston announced that Riikka Laitasalo, SVP People & Culture and member of the Executive Leadership Team, had decided to leave the company to pursue new opportunities outside Glaston. In connection with the change, Glaston will not initiate a recruitment process for a similar role but will reorganize Group-level People & Culture responsibilities. More information is available in the stock exchange release dated April 9, 2026.
The Annual General Meeting was held on April 16, 2026, in Helsinki. The AGM adopted the financial statements and discharged the members of the Board of Directors and the President & CEOs from liability for the financial year 2025. In accordance with the proposal of the Board of Directors, the AGM resolved that the result for the financial year 2025 be placed in retained earnings and that neither dividend nor return of capital shall be distributed for the financial year 2025.
The AGM adopted the Remuneration Report for governing bodies. The resolution of the aforementioned is advisory. The AGM decided to elect seven members to the Board of Directors. The AGM re-elected Veli-Matti Reinikkala, Sebastian Bondestam, Antti Kaunonen, Arja Talma, Michael Willome, and Tina Wu as members of the Board of Directors, and elected Sandra Wickström as a new member. The AGM resolved that the annual remuneration of the Members of the Board of Directors should remain the same and is as follows: the Chair of the Board of Directors receives EUR 74,000, the Deputy Chair receives EUR 45,000, and the other members of the Board of Directors receive EUR 35,000.
The AGM re-elected KPMG Oy Ab as the company's auditor and elected the authorized sustainability audit firm KPMG Oy Ab as the sustainability reporting assurer.
In its organization meeting held after the Annual General Meeting, the Board of Directors re-elected Veli-Matti Reinikkala as the Chair and Sebastian Bondestam as the Deputy Chair of the Board of Directors. The Board of Directors determined the composition of the Board committees as follows:
Audit Committee: Arja Talma (Chair), Antti Kaunonen and Sandra Wickström.
People and Remuneration Committee: Veli-Matti Reinikkala (Chair), Sebastian Bondestam, Michael Willome and Tina Wu. The resolutions of the Annual General Meeting are available in the stock exchange release dated April 16, 2026.
GLASTON'S OUTLOOK FOR 2026
In 2026, the glass processing equipment markets are expected to remain soft. Due to increased geopolitical tensions, a significant recovery for the architectural glass processing equipment markets is not expected in the near future. Driven by China, the mobility glass processing equipment market is expected to remain on the same level as in 2025. While the equipment markets remain soft, the service business environment is expected to remain resilient and at a good level, supported by the installed base and ongoing customer demand for lifecycle services.
In the current market environment, Glaston continues its actions for improved efficiency, cost management, and selective growth opportunities. Amid increasing global economic unpredictability, a higher-than-normal uncertainty is related to customers' investment activity.
Glaston entered the year with a lower order backlog than the previous year. Given the cautious market environment, Glaston Corporation estimates that its net sales and comparable EBITA will decrease in 2026 from the levels reported for 2025. In 2025, Group net sales totaled EUR 208.8 million and comparable EBITA was EUR 14.0 million.
GLASTON CORPORATION
INTERIM REPORT 1 JANUARY - 31 MARCH 2026
CONDENSED STATEMENT OF PROFIT OR LOSS
EUR million | 1-3/2026 | 1-3/2025 | Change, % | 1-12/2025 |
Net sales | 40.9 | 51.7 | -20,8% | 208.8 |
Other operating income | 0.3 | 0.4 | 2.1 | |
Changes in inventories of | ||||
finished goods and work in | ||||
progress | 1.2 | -1.2 | -6.7 | |
Own work capitalized | 0.0 | 0.1 | 0.3 | |
Materials | -15.2 | -19.3 | -81.7 | |
Personnel expenses | -15.4 | -17.6 | -66.0 | |
Other operating expenses | -8.1 | -10.9 | -43.0 | |
Depreciation, amortization | ||||
and impairment | -2.2 | -2.2 | -9.4 | |
Operating result | 1.4 | 1.0 | 43,1% | 4.4 |
Financial items, net | -0.4 | -0.6 | -2.2 | |
Interest expenses on lease | ||||
liabilities | -0.1 | -0.1 | -0.3 | |
Result before income taxes | 1.0 | 0.3 | 231,2% | 1.9 |
Income taxes | -0.3 | -0.1 | -0.7 | |
Profit / loss for the period | 0.7 | 0.2 | 267,7% | 1.2 |
Earnings per share, EUR* | 0.016 | 0.004 | 0.028 |
*On 22 April 2025, a reverse share split was carried out. The number of shares and the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
STATEMENT OF OTHER COMPREHENSIVE INCOME
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Profit / loss for the period | 0.7 | 0.2 | 1.2 |
Other comprehensive income that will be reclassified subsequently to profit or loss: | |||
Exchange differences on translating foreign operations | 0.7 | -0.8 | -2.4 |
Cash flow hedges | -0.2 | 0.7 | 0.8 |
Cash flow hedges, taxes | 0.0 | -0.1 | -0.1 |
Other comprehensive income that will not be reclassified subsequently to profit or loss: | |||
Actuarial gains and losses arising from defined benefit plans Taxes on actuarial gains and losses arising from defined | - | - | 0.0 |
benefit plans | - | - | 0.0 |
Other comprehensive income for the reporting period | 0.6 | -0.3 | -1.6 |
Total comprehensive income for the reporting period | 1.3 | -0.1 | -0.5 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR million | 31.3.2026 | 31.3.2025 | 31.12.2025 |
Assets | |||
Non-current assets | |||
Goodwill | 58.0 | 58.3 | 57.8 |
Other intangible assets | 13.4 | 16.5 | 14.3 |
Property, plant and equipment | 21.2 | 22.7 | 21.5 |
Right-of-use assets | 4.0 | 5.7 | 4.3 |
Financial assets measured at fair value through other comprehensive income | 0.0 | 0.0 | 0.0 |
Loan and other non-current receivables | 1.2 | 1.3 | 1.2 |
Deferred tax assets | 2.4 | 2.8 | 2.4 |
Total non-current assets | 100.1 | 107.4 | 101.5 |
Current assets | |||
Inventories | 27.9 | 38.7 | 28.0 |
Trade and other receivables | 19.8 | 21.5 | 19.6 |
Contract assets | 8.2 | 12.3 | 14.4 |
Total receivables | 28.0 | 33.8 | 34.0 |
Cash equivalents | 9.0 | 10.7 | 8.9 |
Total current assets | 64.9 | 83.3 | 70.8 |
Total assets | 165.1 | 190.6 | 172.4 |
EUR million | 31.3.2026 | 31.3.2025 | 31.12.2025 |
Equity and liabilities | |||
Equity | |||
Share capital | 12.7 | 12.7 | 12.7 |
Other restricted equity reserves | 0.1 | 0.1 | 0.1 |
Reserve for invested unrestricted equity | 95.2 | 97.8 | 95.2 |
Treasury shares | -0.2 | -0.2 | -0.2 |
Other unrestricted equity reserves | 0.1 | 0.1 | 0.2 |
Retained earnings | -46.9 | -48.7 | -47.8 |
Exchange difference | 4.3 | 5.1 | 3.6 |
Total equity | 65.3 | 66.8 | 63.8 |
Non-current liabilities | |||
Non-current interest-bearing liabilities | 29.0 | 23.0 | 28.9 |
Non-current lease liabilities | 2.6 | 4.4 | 2.9 |
Non-current interest-free liabilities and provisions | 1.3 | 1.2 | 1.6 |
Deferred tax liabilities | 6.1 | 8.6 | 6.5 |
Total non-current liabilities | 39.0 | 37.2 | 39.9 |
Current liabilities | |||
Current interest-bearing liabilities | 2.9 | 2.8 | 2.9 |
Current lease liabilities | 2.0 | 2.3 | 2.1 |
Current provisions | 4.1 | 4.4 | 4.8 |
Trade and other current interest-free payables | 49.3 | 74.7 | 55.2 |
Contract liabilities | 0.1 | 0.2 | 0.1 |
Liabilities for current tax | 2.5 | 2.3 | 3.7 |
Total current liabilities | 60.8 | 86.7 | 68.7 |
Total liabilities | 99.8 | 123.9 | 108.5 |
Total equity and liabilities | 165.1 | 190.6 | 172.4 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Cash flows from operating activities | |||
Cash flow before change in net working capital | 0.7 | 2.5 | 11.1 |
Change in net working capital | -0.3 | -2.7 | -11.5 |
Net cash flow from operating activities | 0.4 | -0.2 | -0.4 |
Cash flow from investing activities | |||
Purchases of non-current assets | -0.2 | -0.7 | -2.7 |
Proceeds from sale of other non-current assets | - | - | - |
Net cash flow from investing activities | -0.2 | -0.7 | -2.7 |
Cash flow before financing | 0.2 | -0.8 | -3.1 |
Cash flow from financing activities | |||
Increase in non-current liabilities | - | - | 34.2 |
Decrease in non-current liabilities | - | - | -28.0 |
Increase in short-term liabilities | - | 2.8 | 2.8 |
Decrease in short-term liabilities | - | -2.0 | -2.0 |
Repayment of leasing liabilities | -0.7 | -0.7 | -2.9 |
Return of capital | - | - | -2.5 |
Net cash flow from financing activities | -0.7 | 0.1 | 1.5 |
Effect of exchange rate changes | 0.7 | -0.8 | -1.8 |
Net change in cash and cash equivalents | 0.2 | -1.6 | -3.4 |
Cash and cash equivalents at the beginning of | |||
period | 8.9 | 12.3 | 12.3 |
Cash and cash equivalents at the end of period | 9.0 | 10.7 | 8.9 |
Net change in cash and cash equivalents | 0.2 | -1.6 | -3.4 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reserve for
Share | Other restr. inv. unrestr. | Treasury | Other | Ret. | Exch. | Total | |
capital | equity | equity | shares | unrestr. equity | earnings | diff. | equity |
EUR million
Equity on 1 January, 2026 | 12.7 | 0.1 | 95.2 | -0.2 | 0.2 | -47.8 | 3.6 | 63.8 |
Total compr. income for the period | - | - | - | - | -0.1 | 0.7 | 0.7 | 1.3 |
Acquisition of treasury shares | ||||||||
- | - | - | - | - | - | - | - | |
Disposal of treasury shares Share-based incentive plan Taxes on share-based incentive plan | - - - | - - - | - - - | - - - | - - - | - -0.0 0.0 | - - | - -0.1 0.0 |
Return of capital | - | - | - | - | - | - | - | - |
Other changes | - | - | - | - | - | 0.2 | - | 0.2 |
Equity at 31 March, 2026 | 12.7 | 0.1 | 95.2 | -0.2 | 0.1 | -46.9 | 4.3 | 65.3 |
Reserve for
EUR million Share capital | Other restr. inv. unrestr. equity equity | Treasury shares | Other unrestr. equity | Ret. earnings | Exch. diff. | Total equity | |
Equity on 1 January, 2025 12.7 | 0.1 | 97.8 | -0.2 | -0.5 | -48.9 | 5.9 | 66.8 |
Total compr. income for the period - | - | - | - | 0.6 | 0.2 | -0.8 | -0.1 |
Acquisition of own shares - Disposal of own shares - Share-based incentive plan - | - - - | - - - | - - - | - - - | - - -0.0 | - - - | - - -0.0 |
Taxes on share-based incentive plan - | - | - | - | - | 0.0 | - | 0.0 |
Return of capital - | - | - | - | - | - | - | - |
Other changes - | - | - | - | - | -0.0 | - | 0.0 |
Equity at 31 March, 2025 12.7 | 0.1 | 97.8 | -0.2 | 0.1 | -48.7 | 5.1 | 66.8 |
KEY RATIOS | 31.3.2026 | 31.3.2025 | 31.12.2025 |
EBITDA, as % of net sales | 8.9% | 6.2% | 6.6% |
Comparable EBITDA, as % of net sales | 9.1% | 8.1% | 9.1% |
Operating profit (EBIT), as % of net sales | 3.5% | 1.9% | 2.1% |
Comparable EBITA, as % of net sales | 6.5% | 6.0% | 6.7% |
Profit / loss for the period, as % of net sales | 1.6% | 0.3% | 0.6% |
Gross capital expenditure, EUR million | 0.2 | 0.6 | 2.7 |
Gross capital expenditure, as % of net sales | 0.5% | 1.1% | 1.3% |
Equity ratio, % | 45.7% | 43.6% | 43.3% |
Gearing, % | 55.8% | 48.6% | 57.7% |
Net gearing, % | 42.0% | 32.6% | 43.8% |
Net interest-bearing debt, EUR million | 27.4 | 21.8 | 28.0 |
Capital employed, end of period, EUR million | 101.7 | 99.3 | 100.6 |
Return on equity, % | 4.1% | 1.1% | 1.8% |
Return on capital employed, % | 5.7% | 4.3% | 4.8% |
Comparable Return on capital employed, % | 7.1% | 6.7% | 11.3% |
Number of personnel, average | 762 | 805 | 799 |
Number of personnel, end of period | 757 | 808 | 772 |
PER SHARE DATA | 31.3.2026 | 31.3.2025* | 31.12.2025* |
Number of registered shares, end of period (1.000) | 42 146 | 42 146 | 42 146 |
Number of registered shares, end of period, excluding treasury shares (1.000) | 42 045 | 42 029 | 42 045 |
Number of shares, average, excluding treasury shares (1.000) | 42 045 | 42 033 | 42 039 |
EPS, total, basic and diluted, EUR | 0.016 | 0,004 | 0.028 |
Comparable EPS, total, basic and diluted, EUR | 0.024 | 0.030 | 0.151 |
Equity attributable to owners of the parent per share, EUR | 1.55 | 1.58 | 1.52 |
Return of capital per share, EUR | - | - | - |
Return of capital yield / share, % | - | - | - |
Price per earnings per share (P/E) ratio | 63.4 | 333.4 | 39.8 |
Price per equity attributable to owners of the parent per share | 0.65 | 0.90 | 0.74 |
Market capitalization of registered shares, EUR million | 42.0 | 60.1 | 47.4 |
Share turnover, %, number of shares traded, % of the average registered number of shares | 2.4% | 3.1% | 11.7% |
Number of shares traded, (1.000) | 1 014 | 1 291 | 4 919 |
Closing price of the share, EUR | 1.00 | 1.43 | 1.13 |
Highest quoted price, EUR | 1.19 | 1.70 | 1.70 |
Lowest quoted price, EUR | 0.97 | 1.43 | 1.10 |
Volume-weighted average quoted price, EUR | 1.09 | 1.53 | 1.30 |
* On 22 April 2025, a reverse share split was carried out. The number of shares and the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
The reconciliation of alternative performance measures
Items affecting comparability
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Re-structuring | -0.0 | -0.8 | -4.4 |
Other | -0.1 | -0.2 | -0.7 |
Items affecting comparability | -0.1 | -1.0 | -5.1 |
Comparable operating result (EBIT) and EBITA
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Operating result | 1.4 | 1.0 | 4.4 |
Items affecting comparability1) | 0.1 | 1.0 | 5.1 |
Comparable EBIT | 1.5 | 2.0 | 9.5 |
Operating result | 1.4 | 1.0 | 4.4 |
Amortization1) | 1.1 | 1.0 | 4.3 |
EBITA | 2.5 | 2.1 | 8.7 |
Purchase price allocation, depreciation1) | 0.1 | 0.1 | 0.2 |
Items affecting comparability1) | 0.1 | 1.0 | 5.1 |
Comparable EBITA | 2.7 | 3.1 | 14.0 |
% of net sales | 6.5% | 6.0% | 6.7% |
1) + cost, - income
Comparable ROCE% and EPS
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Profit/loss for the period before taxes | 1.0 | 0.3 | 1.9 |
Financial expenses | 0.5 | 0.8 | 2.9 |
Purchase price allocation1) | 0.3 | 0.3 | 1.4 |
Total | 1.8 | 1.4 | 6.1 |
Total annualized | 7.1 | 5.6 | 6.1 |
Items affecting comparability1) | 0.1 | 1.0 | 5.1 |
Total | 7.2 | 6.6 | 11.2 |
Equity | 65.3 | 66.8 63.8 |
Interest bearing liabilities | 36.4 | 32.5 36.8 |
Avg (1.1.and end of period) | 101.2 | 99.1 99.8 |
Comparable ROCE% | 7.1% | 6.7% 11.3% |
Profit/loss for the period | 0.7 | 0.2 | 1.2 |
Purchase price allocation1) | 0.3 | 0.3 | 1.4 |
Items affecting comparability1) | 0.1 | 1.0 | 5.1 |
-tax | -0.1 | -0.3 | -1.3 |
Total | 1.0 | 1.3 | 6.3 |
Number of shares average, excluding treasury shares2) | 42.0 | 42.0 | 42.0 |
Comparable earnings per share, EUR | 0.024 | 0.030 | 0.151 |
1) + cost, - income
2) On 22 April 2025, a reverse share split was carried out. The number of shares and the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
Per share data
Earnings per share (EPS):
Net result attributable to owners of the parent / Average number of shares outstanding
Diluted earnings per share:
Net result attributable to owners of the parent / Average diluted number of shares outstanding
Dividend per share*:
Dividends paid / Number of issued shares at end of the period
Dividend payout ratio*:
(Dividend per share x 100) / Earnings per share
Dividend yield per share*:
(Dividend per share x 100) / Share price at end of the period
Equity attributable to owners of the parent per share:
Equity attributable to owners of the parent at end of the period / Number of shares at end of the period, excluding treasury shares
Average trading price:
Shares traded (EUR) / Shares traded (volume)
Price per earnings per share (P/E):
Share price at end of the period / Earnings per share (EPS)
Price per equity attributable to owners of the parent per share:
Share price at end of the period / Equity attributable to owners of the parent per share
Share turnover:
The proportion of number of shares traded during the period to weighted average number of shares, excluding treasury shares
Market capitalization:
Number of shares at end of the period x share price at end of the period
Number of shares at period end:
Number of issued shares - treasury shares
*The definition is also applied with return of capital
Financial ratios
EBITDA:
Profit / loss before depreciation, amortization, and impairment
Operating result (EBIT):
Profit / loss after depreciation, amortization, and impairment
Cash and cash equivalents:
Cash + other financial assets (includes cash and cash equivalents at amortized cost)
Net interest-bearing debt:
Interest-bearing liabilities (includes interest-bearing liabilities at amortized cost) - cash and cash equivalents
Financial expenses:
Interest expenses of financial liabilities + fees of financing arrangements + foreign currency differences of financial liabilities
Equity ratio. %:
Equity (Equity attributable to owners of the parent + non-controlling interest) x 100 / (Total assets - advance payments received)
Gearing, %:
(Interest-bearing liabilities x 100) / Equity (Equity attributable to owners of the parent + non-controlling interest)
Net gearing, %:
(Net interest-bearing debt x 100) / Equity (Equity attributable to owners of the parent + non-controlling interest)
Return on capital employed, % (ROCE):
(Profit / loss before taxes + financial expenses x 100) / (Equity + interest-bearing liabilities, average of the beginning and end of the reporting period)
Return on equity, % (ROE):
(Profit / loss for the reporting period x 100) /Equity (Equity attributable to owners of the parent + non-controlling interest), average of the beginning and end of the reporting period
Other alternative performance measures
Comparable EBIT:
Operating result after depreciation, amortization, and impairment, +/- items affecting comparability+ large, expensed cloud-computing investments
Comparable EBITDA:
Operating result before depreciation, amortization, and impairment, +/- items affecting comparability+ large, expensed cloud-computing investments
Comparable EBITA:
Operating result before amortization, impairment of intangible assets and purchase price allocation +/- items affecting comparability+ large, expensed cloud-computing investments
Comparable return on capital employed, % (Comparable ROCE):
(Profit / loss before taxes + amortization of purchase price allocations +/- items affecting comparability + financial expenses x 100) / (Equity + interest-bearing liabilities, average of the beginning and end of the reporting period)
Comparable earnings per share (Comparable EPS):
Net result attributable to owners of the parent +/- (items affecting comparability+ amortization of purchase price allocations) net of tax / Average number of shares outstanding
Items affecting comparability:
Items affecting comparability are adjusted for non-business transactions or changes in valuation items when they arise from restructuring, acquisitions and disposals, related integration and separation costs, sale or impairment of assets. These may include staff reductions, rationalization of the product range, restructuring of the production structure, and reduction of premises.
Impairment losses on goodwill, gains or losses on disposals due to changes in the group structure, exceptionally large gains or losses on tangible and intangible assets, exceptional compensations for damages and legal proceedings are restated as an item affecting comparability.
NOTES
Basis of preparation
This interim report has been prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34. The interim report has followed the same IFRS accounting principles as in the previous consolidated financial statements 2025. Quarterly information and interim reports are not audited. As a result of rounding differences, the figures presented in the tables may not add up to the total.
1. SEGMENT INFORMATION
Orders received
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Architecture Mobility, Display & Solar | 31.2 9.3 | 37.8 9.3 | 140.7 36.6 |
Total segments | 40.5 | 47.1 | 177.4 |
Unallocated and eliminations | 0.0 | 0.0 | 0.0 |
Total Glaston Group | 40.5 | 47.1 | 177.4 |
Net sales
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Architecture | 31.8 | 41.2 | 162.2 |
Mobility, Display & Solar | 9.2 | 10.5 | 47.1 |
Total segments | 41.1 | 51.8 | 209.2 |
Unallocated and eliminations | -0.1 | -0.1 | -0.4 |
Total Glaston Group | 40.9 | 51.7 | 208.8 |
Comparable EBITA
EUR million | 1-3/2026 | 1-3/2025 | 1-12/2025 |
Architecture Mobility, Display & Solar | 1.8 0.9 | 3.5 -0.4 | 12.5 1.5 |
Total segments | 2.7 | 3.1 | 14.0 |
Unallocated and eliminations | 0.0 | 0.0 | 0.0 |
Total Glaston Group | 2.7 | 3.1 | 14.0 |
Comparable EBITA % | 6.5% | 6.0% | 6.7% |