Glaston (GLA1V) Q2 2026 earnings summary

Executive summary

• Services segment demonstrated strong growth and resilience, with orders up 21% year-over-year, supporting profitability despite weak demand in machine segments and challenging market conditions.

• Net sales declined 20% year-over-year to EUR 41.5 million, reflecting low order intake in architectural and mobility equipment markets.

• Comparable EBITA was EUR 2.7 million for Q2 (6.6% margin), with cost-saving initiatives achieving EUR 6 million annual run-rate savings by Q1 2026.

• Sale of Swiss property generated a one-time gain of EUR 7.8 million, significantly boosting EBIT and supporting cash flow.

• Organizational changes included splitting EMEA+APAC into EMEAI and SEA, with new commercial leaders and sustainability initiatives such as green electricity transition in Tianjin.

Financial highlights

• Order intake increased 2.3% year-over-year to EUR 38.9 million, but overall level remained unsatisfactory.

• Services net sales reached EUR 19.5 million, representing 47% of total net sales.

• Comparable EBITA margin improved to 6.6% from 6.1% year-over-year.

• Net debt reduced to EUR 10.9 million, net gearing improved to 16%.

• Operating cash flow was slightly positive at EUR 0.1 million for Q2 and EUR 0.5 million for H1.

Outlook and guidance

• 2026 net sales projected to decrease from 2025 (EUR 208.8 million), with comparable EBITA estimated at EUR 9.0–11.0 million, down from EUR 14.0 million in 2025.

• Market activity expected to remain slow for the rest of 2026, with no significant recovery in architectural equipment; focus remains on service and upgrades.