Results from Glaston:
The headline of @Aapeli_Pursimo’s comment summarizes the essentials: a subdued market.
I’ll be doing the CEO interview today as an exception!
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Here’s the interview.
00:00 Start of the year
01:45 Guidance
02:28 Market situation
05:20 Construction demand
06:55 Ketchup bottle effect
08:23 Growth investments
09:43 Competitors
11:02 Situation in the Middle East
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Here’s a company report from Aapeli after Glaston’s Q1 results 
Glaston’s Q1 results exceeded our expectations, supported by relative profitability, while the company’s order intake fell short of our forecasts. The company expects the market situation to remain subdued and reiterated its guidance for a declining revenue and profit for the current year. Due to the realized development and market situation, we slightly lowered our growth forecasts for the coming years, but these were partly offset by our increased margin forecasts. We see upside leverage in the stock as the market situation improves, but currently, the risks of a continued subdued demand situation outweigh this. Thus, we reiterate our reduce recommendation, but lower our target price to 1.20 euros (previously 1.25 €) due to a slight decrease in earnings forecasts for the coming years.
Interesting announcement. The company is selling off its Swiss factory. Hopefully, the profit will be used wisely.
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Sold for 10 million and 7.8 million recorded as capital gains.
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Four (4–6) major owners are hindering GLASTON’S product development.
• In 2019, under CEO Arto Metsänen, heat treatment machine revenue was € 82.6 million
• In 2020, under CEO Sasu Koivumäki, heat treatment machine revenue was € 61.6 million
When Anders Dahlbom started as CEO at GLASTON on Jan 1, 2021, I informed him in January that I had made an invention for tempering machines. This was the first one. Lasihelmi still has 2 patent applications for machines reaching even higher capacities.
• This was immediately reflected in orders received: 2020 € 56 million, a year later 2021 € 89 million
• Year 2021, revenue from heat treatment machines € 74.7 million
• Year 2022, revenue from heat treatment machines € 85.0 million
In 2023, revenue from insulating glass machines was € 90 million. One can imagine that the revenue for heat treatment machines would have been at least the € 85 million. Perhaps 10% more. Their COMBINED revenue fell by 21.5%.
A section had been removed from Dahlblom’s last interview, the Q3/2023 interview. It can be viewed at https://www.youtube.com/watch?v=vS_5by6569Y It lasts over a minute.
The next CEO, Toni Laaksonen, resigned in less than six months. Perhaps he resigned because Finland only has a chance of success with the best products?
Here is a company report from Aapeli following the sale of the Swiss real estate
Glaston announced on May Day Eve that it is selling its Swiss factory property, generating a significant cash flow return and a non-recurring gain on sale. We view the transaction as very positive, as it releases capital from the company’s balance sheet and is substantial given the company’s size. We estimate that the company will return to paying dividends next spring, though the transaction has no impact on our operational forecasts. With a strengthening financial position and our anticipated dividend distribution, we see the stock’s risk-adjusted expected return having risen to a sufficient level again when reflected against its long-term potential. Therefore, we upgrade our recommendation to Accumulate (prev. Reduce) and our target price to EUR 1.3 (prev. EUR 1.2).
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Here are Aapeli’s preview comments ahead of Glaston’s Q2 results on Wednesday
We expect the company’s order intake to have remained at a lackluster level, reflecting the quiet market situation. Given the low order backlog, we also forecast that revenue and operating profit have declined compared to the comparison period. The reported profit, meanwhile, will be significantly supported by a one-off gain from the sale of a factory property in Switzerland. In the report, we will be paying particular attention to the management’s more detailed market comments.
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APRIL–JUNE 2026 IN BRIEF
- Orders received were €38.9 (38.1) million.
- Net sales were €41.5 (51.7) million.
- Comparable EBITA was €2.7 (3.1) million, or 6.6 (6.1)% of net sales.
- Operating result (EBIT) was €8.8 (-0.5) million. EBIT includes a €7.8 million profit from the sale of a property in Switzerland recorded in the second quarter.
- Comparable earnings per share were €0.048 (0.019).
JANUARY–JUNE 2026 IN BRIEF
- Orders received were €79.4 (85.2) million.
- Net sales were €82.5 (103.3) million.
- Comparable EBITA was €5.4 (6.3) million, or 6.6 (6.1)% of net sales.
- Operating result (EBIT) was €10.2 (0.5) million. EBIT includes a €7.8 million profit from the sale of a property in Switzerland recorded in the second quarter.
- Comparable earnings per share were €0.073 (0.049).
GLASTON GROUP KEY FIGURES
| € million | 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 services | 21.6 | 17.8 | 21.4% | 40.7 | 35.5 | 14.7% | 73.8 |
| of which services, % | 55.4% | 46.7% | 51.2% | 41.7% | 41.6% | ||
| Order backlog 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 services | 19.5 | 19.5 | 0.0% | 38.9 | 39.4 | -1.2% | 81.2 |
| of which services, % | 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 comparability1) | -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 | 1,826.9% | 10.2 | 0.5 | 2,044.0% | 4.4 |
| Result 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 operations | 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) 2) |
7.4% | 10.0%2) | 11.3% | ||||
| Equity ratio, % | 49.0% | 42.2% | 43.3% | ||||
| Gearing, % | 24.8% | 40.0% | 43.8% | ||||
| Personnel at end of period | 750 | 814 | -7.9% | 772 |
-
- expense, - income
- Comparative period figure adjusted
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Here are Aapeli’s quick comments on Glaston’s Q2 results
Glaston released its Q2 report this morning. The company’s revenue development fell short of our expectations, but despite this, the operating result reached our forecast level. On the other hand, the company’s order intake remained very weak and below our forecasts. The company expects the weak market situation to continue at least for the remainder of the year. In connection with the report, Glaston also specified its guidance for the current year, and we see at least slight downward pressure on our earnings forecasts.
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Aapeli interviewed Glaston CEO Miikka Äppelqvist on the Q2 results
Topics:
00:00 Introduction
00:10 Q2 highlights
00:49 Profitability development of different segments
05:31 Order intake development
09:56 Geographical development
12:49 Fluctuations in upgrade orders
14:44 Refinements to the commercial organization
15:47 Guidance
17:40 Market dynamics
20:22 Allocation of capital freed from the sale of the Swiss factory property
Aapeli has released a company report on Glaston following Q2
Glaston’s Q2 result reached our expectations, even though its revenue clearly fell more than we anticipated. The company’s order intake, on the other hand, remained weak, and it does not expect the subdued market situation to change during the remainder of the year. Due to a lack of market drivers, we have significantly lowered our forecasts for the coming years, but we expect the current year to mark the bottom in terms of orders. Despite our sharply reduced forecasts, we see that the low expectations priced into the stock offer a sufficient risk-reward ratio for a patient investor. Thus, we reiterate our “Accumulate” (lisää) recommendation for the stock, but lower our target price to 1.2 euros (previously 1.3 €).