The stock value was at its peak when GLASTON was still making HTF, radiation heating furnaces.
The best convection furnace had already been made in 1996.
But the convection + radiation furnace has already been invented.
Additionally, with a convection furnace, the highest possible capacity can be achieved.
The Chinese make over 90% of glass tempering furnaces. It’s such easy technology! See the previous post!
This is one of my big failures and I don’t even know why I’m still holding on. Well, I’m waiting for the Q3 figures and a possible announcement of capital return, which is probably already buried (the announcement probably a week after the Q3 figures), but the main owners here are bad. I won’t get on the Ahlström bandwagon again, as they haven’t managed to steer this into a tailwind after my >10 years of being on board. Shaisse! 
Here are Aapeli’s preliminary comments as Glaston releases its Q3 report on Thursday. 
We expect the company’s operational development to have been weaker than the comparison period, in line with the declining order book at the end of Q2. We also estimate that its order intake remained below the comparison period, although it recovered from the exceptionally weak previous quarter. As usual, our particular interest in the report lies in more detailed market comments.
Glaston’s result: Glaston Oyj: Glastonin osavuosikatsaus tammi-syyskuu 2025: Liikevaihto ja kannattavuus paranivat, haastavat markkinaolosuhteet jatkuivat | Kauppalehti
JULY–SEPTEMBER 2025 IN BRIEF
Orders received were 43.4 (52.8) million euros.
Net sales were 56.5 (55.4) million euros.
Comparable EBITA was 4.8 (4.2) million euros, or 8.5 (7.5) % of net sales.
Operating result (EBIT) was 3.0 (2.2) million euros.
Comparable earnings per share were 0.076 (0.056) euros.
JANUARY–SEPTEMBER 2025 IN BRIEF
Orders received were 128.5 (149.6) million euros.
Net sales were 159.8 (161.1) million euros.
Comparable EBITA was 11.0 (11.0) million euros, or 6.9 (6.8) % of net sales.
Operating result (EBIT) was 3.4 (5.2) million euros.
Comparable earnings per share were 0.125 (0.134) euros.
And also @Aapeli_Pursimo’s quick comment: Glaston Q3’25 -pikakommentti: Hyvä kannattavuus, vaisut tilaukset - Inderes
Aapeli interviewed Glaston’s CEO Miika Äppelqvist regarding the Q3 report
Topics:
00:00 Introduction
00:11 Q3 highlights
01:12 MDS segment profitability at a strong level
03:03 Transfer of pre-processing lines
03:45 Order book at a subdued level
05:09 Outlook for the rest of the year
06:19 Market situation
15:00 Efficiency measures
19:43 Growth of service businesses
21:35 Strategy update
Aapeli has made a new company report on Glaston after the Q3 report.
The company’s Q3 result clearly exceeded our expectations, but orders received remained subdued. It also expected the subdued market situation to continue at least until the end of the current year. In our view, the risks of the situation prolonging are elevated, and together with an already low order book, Glaston’s short-term outlook is challenging, especially looking at the beginning of the year. Reflecting this, we significantly lowered our forecasts for next year. However, we expect the market situation to gradually pick up during 2026, which led to smaller changes in our longer-term forecasts. In the current situation, we do not believe there is significant upside potential in the stock’s valuation before the earnings growth outlook strengthens, and we estimate that the expected return will remain slightly below the required rate of return.
Quoted from the report:
In line with the overall picture, however, our operational forecasts for the current year largely remained unchanged due to better-than-expected Q3 performance. We also estimate that the current order book will largely be allocated to this year, reflecting the guidance. Given the starting points, we forecast the company’s revenue to decrease significantly next year, while growing clearly in 2027 through a gradual recovery of order intake and order book. Reflecting the revenue forecast reductions, our earnings forecasts were also under pressure. However, we expect cost-saving programs to partly defend the margin next year and support development thereafter (2025e-27e: adj. EBITA-% 6.1-7.1 %)
Glaston will not pay the second capital repayment.
I personally suspected this would only be done next year, but the cash reserves seem quite empty and it was decided to put the brakes on now. Certainly the right decision.
I know:
Anders Dahlblom was the last proven good CEO. He was not suitable for GLASTON, as he resigned “for personal reasons” according to GLASTON on 15/11/2023. In January 2024, he was hired as COO of Virala Oy and is the full-time chairman of Betolar Oy. Ahlström Capital owns Glaston, Virala, and Betolar.
The next distinguished CEO of Glaston resigned within six months.
And the next one was hired from within the company.
The reason can be found at http://www.feracitas.fi / Flat Glass Tempering
The main owners do not need money. The 4 largest own the majority.
They are Ahlstrom Capital, Hymy Lahtinen Oy, VARMA, ILMARINEN.
The principal owners’ advisor is Veti-Matti Reinikka.
Correction to the previous message: Virala’s owner is not Ahlström.
From these, one can see that ownership matters. Virala One doesn’t willingly give up a good man.
Glass tempering machines and windshield bending furnaces were the cornerstone of Tamglass Engineering Oy. GLASTON has not made a single real innovation since Pauli Reunamäki was the R&D director. That was 35 years ago.
Here are Aapeli’s comments on how the company’s board decided not to pay the second capital repayment installment.