Supplemental information for statement of cash flows
1.1.\u201331.12. | ||
EUR thousand | 2025 | 2024 |
Cash and bank | 8,856 | 12,283 |
Total cash and cash equivalents | 8,856 | 12,283 |
Cash flows from operating activities | ||
Adjustments | ||
Depreciation, amortization and impairments | 9,424 | 8,533 |
Changes of provision | 465 | 1,492 |
Credit losses | 1,290 | -216 |
Financing items | 2,515 | 1,984 |
Taxes | 712 | 1,325 |
Others | -254 | 593 |
Adjustments total | 14,152 | 13,711 |
1.1. Basic information
Glaston Corporation is a public limited liability company organized under the laws of the Republic of Finland and domiciled in Helsinki, Finland. Glaston\u2019s shares are publicly traded in Nasdaq Helsinki Ltd. Small Cap in Helsinki, Fin-land. Glaston Corporation is the parent of Glaston Group and its registered office is at L\u00f6nnrotinkatu 11, 00120 Helsinki, Finland.
Glaston Group is an international glass technology company. Glaston is one of the leading manufacturers of glass processing machines globally. Its product range and service network are the most extensive in the industry. Glaston Group are organized in two reportable segments which consists of operating segments.
The Board of Directors of Glaston Corporation has in its meeting on 26 February 2026, approved these financial statements to be published. According to the Finnish Companies\u2019 Act, the shareholders have a possi-bility to approve or reject or make a decision on altering the financial statements in a General Meeting to be held after the publication of the financial statements.
1.1. Basic information
Glaston Corporation is a public limited liability company organized under the laws of the Republic of Finland and domiciled in Helsinki, Finland. Glaston\u2019s shares are publicly traded in Nasdaq Helsinki Ltd. Small Cap in Helsinki, Fin-land. Glaston Corporation is the parent of Glaston Group and its registered office is at L\u00f6nnrotinkatu 11, 00120 Helsinki, Finland.
Glaston Group is an international glass technology company. Glaston is one of the leading manufacturers of glass processing machines globally. Its product range and service network are the most extensive in the industry. Glaston Group are organized in two reportable segments which consists of operating segments.
The Board of Directors of Glaston Corporation has in its meeting on 26 February 2026, approved these financial statements to be published. According to the Finnish Companies\u2019 Act, the shareholders have a possi-bility to approve or reject or make a decision on altering the financial statements in a General Meeting to be held after the publication of the financial statements.
1.2. Basis of preparation
The financial statements have been prepared on a going concern basis.
The consolidated financial state-ments of Glaston Group are prepared in accordance with IFRS Financial Reporting Standards in force on 31 December 2025, which also include IAS standards and interpretations of the standards (SIC and IFRIC). Inter-national Financial Reporting Standards are standards and their interpretations adopted in accordance with the pro-cedure laid down in regulation (EC) No 1606/2002 of the European Parlia-ment and of the Council. The Notes to the Financial Statements are also in accordance with the Finnish Account-ing Act and Ordinance and the Finnish Companies' Act.
The consolidated financial state-ments include the financial state-ments of Glaston Corporation and its subsidiaries. The functional and reporting currency of the parent is euro, which is also the reporting currency of the consolidated financial statements. Functional currencies of subsidiaries are determined by the primary economic environment in which they operate.
The financial year of Glaston Group as well as of the parent and subsid-iaries is the calendar year ending 31 December.
The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below.
The figures in Glaston's consoli-dated financial statements are mainly presented in EUR thousands. Due to rounding differences the figures presented in tables do not necessarily add up to the totals of the tables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__16": { "value": "The consolidated financial state-ments of Glaston Group are prepared in accordance with IFRS Financial Reporting Standards in force on 31 December 2025, which also include IAS standards and interpretations of the standards (SIC and IFRIC). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__18-1": { "value": "1.3. Consolidation principles
The consolidated financial statements include the parent and its subsidiaries. Subsidiaries are companies in which the parent has, based on its holding, more than half of the voting rights directly or via its subsidiaries or over which it otherwise has control. The group has control over a company if, by being part of it, it is exposed to its variable return or is entitled to its var-iable return and it is able to influence this return by using its power over the company. In the fiscal year 2023, EAI Hedging 3 Oy has been estab-lished, which, financed by Glaston, will
acquire shares in accordance with the agreement in accordance with the provisions of the Limited Liability Companies Act regarding the financ-ing of the acquisition of own shares. These shares are used as part of Glas-ton's share-based incentive scheme in accordance with its terms. The legal ownership of the holding company is with Evli Alexander Incentives Oy, but based on the agreement, Glaston actually exercises control over the arrangement and acts as the principal, while EAI acts as an agent through the holding company. This control arising from contractual features leads to the fact that the holding company is combined with the IFRS consolidated financial statements as a so-called as a structured community.
Divested subsidiaries are included in the consolidated financial statements until the control is lost, and companies acquired during the reporting period are included from the date when the control has been transferred to Glaston. Acquisitions of subsidiaries are accounted for under the purchase method.
Other shares, i.e. shares in com-panies in which Glaston owns less
than 20 percent of voting rights, are classified as assets recognized at fair value through other comprehensive income, or if the fair value cannot be measured reliably, at acquisition cost, and dividends received from them are recognized in profit or loss.
All inter-company transactions are eliminated as part of the consolidation process. Unrealized gains arising from transactions with associates are elim-inated to the extent of the Group\u2019s interest in the entity. Unrealized losses are eliminated in the similar way as unrealized gains, but only to the extent that there is no evidence of impair-ment.
Transactions in Foreign Currency
In their own day-to-day accounting the Group companies translate trans-actions in foreign currencies into their functional currency at the exchange rates prevailing on the dates of the transactions. At the end of the report-ing period, the unsettled balances of foreign currency transactions are measured at the exchange rates prevailing at the end of the reporting period. Foreign exchange gains and losses arising from trade receivables are entered as adjustments of net sales and foreign exchange gains and losses related to trade paya-
bles are recorded as adjustments of purchases. Foreign exchange gains and losses arising from financial items are recorded as financial income and expenses.
1.4. Estimates and assessments by Management
The preparation of financial state-ments in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the end of the reporting period and the recognized amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.
In addition, management uses judgment in applying the accounting principles and in choosing the appli-cable accounting policies, if IFRS allow alternative methods.
The following items include critical accounting estimates: impairment testing of assets; useful lives of other intangible assets and property, plant and equipment; future economic benefits arising from capitalized development cost; measurement of inventories and trade and loan receiv-ables; recognition and measurement of deferred taxes; estimates of the
amount and probability of provisions and actuarial assumptions used in defined benefit plans. The critical accounting estimates and judgments are described in more detail in the notes.
1.5. Applied new and amended IFRS standards and IFRIC interpretatios
At the beginning of the financial year, no new standards or amendments to standards have entered into force that would have had a material effect on the Glaston Group's financial state-ments.
The Group will adopt new IFRS standards, IFRIC interpretations and changes to existing standards and interpretations that enter into effect in 2026 or later.
The new standard \u2018IFRS 18 Pres-entation and Disclosure in Financial Statements\u2019 was published on 9 April 2024, and it will be effective for finan-cial reporting periods beginning on or after 1 January 2027.
The new standard includes instruc-tions especially in relation to the presentation of the statement of profit or loss. The standard also requires the presentation of Management-defined Performance Measures in the finan-cial statements. The new standard
will impact the presentation of the statement of profit or loss and the information presented in the financial statements.
Transactions in Foreign Currency
In their own day-to-day accounting the Group companies translate trans-actions in foreign currencies into their functional currency at the exchange rates prevailing on the dates of the transactions. At the end of the report-ing period, the unsettled balances of foreign currency transactions are measured at the exchange rates prevailing at the end of the reporting period. Foreign exchange gains and losses arising from trade receivables are entered as adjustments of net sales and foreign exchange gains and losses related to trade paya-
bles are recorded as adjustments of purchases. Foreign exchange gains and losses arising from financial items are recorded as financial income and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__21": { "value": "1.4. Estimates and assessments by Management
The preparation of financial state-ments in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the end of the reporting period and the recognized amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.
In addition, management uses judgment in applying the accounting principles and in choosing the appli-cable accounting policies, if IFRS allow alternative methods.
The following items include critical accounting estimates: impairment testing of assets; useful lives of other intangible assets and property, plant and equipment; future economic benefits arising from capitalized development cost; measurement of inventories and trade and loan receiv-ables; recognition and measurement of deferred taxes; estimates of the
amount and probability of provisions and actuarial assumptions used in defined benefit plans. The critical accounting estimates and judgments are described in more detail in the notes.
Estimates and assessments by Management
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time.
As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue recognition takes place over time according to when costs accumulate and are recognized for the project. Costs attributable to a project for which revenue is not yet recognized are included in inventories as construction contracts. Esti-mates are monitored and updated monthly and changes in revenue recognition are recognized in the same month as a forecast is changed. Forecasts are related to material and wage costs and to project overheads, which may result in a risk of a greater increase in a pro-ject\u2019s overall costs than forecast. Other risks related to the project and its profitability are unforeseen technical problems with supplied and installed equipment, which may give rise to repair costs. If project costs exceed the revenue of a project subject to over time revenue recog-nition, the loss is recognized for the period in which it is identified.
Estimates and assessments by Management
Calculation of defined benefit pensions requires choosing certain assumptions which actuaries use in calculation of the obligations arising from defined benefit plans. These assumptions include, among other things, discount rates used in the measurement of plan assets and liabili-ties as well as other actuarial assumptions such as future salary increases and mortality rate.
Estimates and assessments by Management
Recognition and measurement of deferred tax liabilities and assets include management estimates, especially deferred tax assets arising from confirmed tax losses of group companies or from other temporary differences. Deferred tax assets are recognized for deductible tem-porary differences and tax losses to the extent that it is probable that taxable profit will be available against which tax credits and deductible temporary differences can be utilized. All tax liabilities and assets are reviewed at the end of the reporting period and changes are recognized in profit or loss.
Estimates and assessments by Management
Useful lives of intangible assets and property, plant and equipment are based on management's best estimate of the period the asset is expected to be available for use by Glaston.
Customer relationships, trademarks, product development assets and other intangible assets acquired in a business combination are measured at fair value at the acquisition date and subsequently amortized over their estimated useful lives.
The actual useful life can, however, differ from the expected useful life resulting in adjustment of annual depreciation or amortization of the asset or in recording of impairment loss.
Glaston capitalizes development costs of new products. In addition to other capitalization criteria, management has to estimate the future economic benefits arising from the development cost. If management estimates that there will not be future economic benefits, the develop-ment cost is recognized in profit or loss. Whether a development cost is capitalized or recognized immediately in profit or loss, it can have an effect on the result of the reporting period. At the end of the reporting period of 2025, Glaston had EUR 8.4 (9.5) million of capitalized develop-ment expenditure and related advance payments of the development expenditure on its statement of financial position.\t
Estimates and assessments by Management
The most significant management estimates relate to impairment tests, which require use of estimates in the calculations. In impairment testing, management estimates recoverable amount of an asset or a cash gen-erating unit. The recoverable amount is the higher of fair value less costs to sell and value in use. When calculating value in use, management estimates the future cash flows as well as the discount rates used in discounting the cash flows. Discount rates reflect current market assess-ments of the time value of money at the time of impairment testing and the risks related to the tested assets. Estimated cash flows include assumptions of, among other things, future prices, production levels, costs and development of the markets. Impairment loss is recorded if the carrying amount exceeds the recoverable amount.
Estimates and assessments by Management
Measurement of inventories includes some management estimates. Inventories are measured at lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Net realizable value is used in testing the recoverable amount of inventories in order to avoid the inventories being carried in excess of amount expected to be realized.
Estimates and assessments by Management
Measurement of trade and other receiva-bles includes some management esti-mates. If management estimates that the carrying amount of a trade or loan receiv-able exceeds its fair value, an impairment loss is recognized. For example, payment defaults or late payments are considered as indications of impairment of the receiv-able.
Estimates and assessments by Management
If Glaston\u2019s management has assessed that as a result of a past event Glaston has a legal or constructive obligation, and that it is probable, that an outflow of resources will be required to settle the obligation, the management has estimated the amount of provision recognized from the obligation. The amount of the provision is the management\u2019s best estimate of the amount required to settle the obligation at the end of the reporting period. The management\u2019s estimate of the warranty provi-sion is based on previous experience. The estimate of the restructuring provision is based on the restructuring plan in which the locations and personnel concerned have been identified. If possible, external experts have been used in estimating the amount of the provision.
1.5. Applied new and amended IFRS standards and IFRIC interpretatios
At the beginning of the financial year, no new standards or amendments to standards have entered into force that would have had a material effect on the Glaston Group's financial state-ments.
The Group will adopt new IFRS standards, IFRIC interpretations and changes to existing standards and interpretations that enter into effect in 2026 or later.
The new standard \u2018IFRS 18 Pres-entation and Disclosure in Financial Statements\u2019 was published on 9 April 2024, and it will be effective for finan-cial reporting periods beginning on or after 1 January 2027.
The new standard includes instruc-tions especially in relation to the presentation of the statement of profit or loss. The standard also requires the presentation of Management-defined Performance Measures in the finan-cial statements. The new standard
will impact the presentation of the statement of profit or loss and the information presented in the financial statements.
1.5. Applied new and amended IFRS standards and IFRIC interpretatios
At the beginning of the financial year, no new standards or amendments to standards have entered into force that would have had a material effect on the Glaston Group's financial state-ments.
The Group will adopt new IFRS standards, IFRIC interpretations and changes to existing standards and interpretations that enter into effect in 2026 or later.
The new standard \u2018IFRS 18 Pres-entation and Disclosure in Financial Statements\u2019 was published on 9 April 2024, and it will be effective for finan-cial reporting periods beginning on or after 1 January 2027.
The new standard includes instruc-tions especially in relation to the presentation of the statement of profit or loss. The standard also requires the presentation of Management-defined Performance Measures in the finan-cial statements. The new standard
will impact the presentation of the statement of profit or loss and the information presented in the financial statements.
2.1. Reporting segments
Laatimisperiaate
Glaston has two business lines: Architecture and Mobility, Display & Solar, which are the same as the Group's operating and reporting segments. The Architecture seg-ment includes tempering, laminating technologies and insulating glass technologies, as well as the related services business.The Mobility, Display & Solar segment includes heat treatment, pre-processing and solar technologies, as well as the related services business for the mobility, display and solar panel glass markets.
Segment assets include external trade receivables, fixed assets and inventory. Segment liabilities include external trade payables and advance payments received. In addition, segment assets and liabilities include business related prepayments and accruals as well as other business related receivables and liabilities. Segment assets and liabilities do not include loan receivables, prepayments and receivables related to financial items, interest-bearing liabilities, accruals and liabilities related to financial items, income and deferred tax assets and liabilities nor cash and cash equivalents. The Glaston Group's highest operational decision-maker is the company's Board of Directors, which is responsible for the most significant operational decisions.\t
Accounting policy
Reporting segments
EUR thousand2025 | Architecture | Mobility, Display & Solar | Total segments | Unallocated | Total |
External net sales | 161,821 | 47,024 | 208,845 | 0 | 208,846 |
Internal net sales | 339 | 53 | 392 | -392 | - |
Total net sales | 162,160 | 47,078 | 209,238 | -392 | 208,846 |
Operating result | 7,753 | -3,337 | 4,416 | 1 | 4,417 |
Financial items | - | - | - | -2,515 | -2,515 |
Income taxes | - | - | - | -712 | -712 |
Result for the reporting period | 7,753 | -3,337 | 4,416 | -3,226 | 1,191 |
Segment assets | 132,067 | 28,982 | 161,049 | - | 161,049 |
of which investments | 2,567 | 120 | 2,687 | - | 2,687 |
Other assets | - | - | - | 11,310 | 11,310 |
Total assets | 132,067 | 28,982 | 161,049 | 11,310 | 172,359 |
Segment liabilities | 50,203 | 11,327 | 61,530 | - | 61,530 |
Other liabilities | - | - | - | 46,990 | 46,990 |
Total liabilities | 50,203 | 11,327 | 61,530 | 46,990 | 108,520 |
Operative net working capital | 44,084 | 11,828 | 55,912 | 2 | 55,915 |
EUR thousand2024 | Architecture | Mobility, Display & Solar | Total segments | Unallocated | Total |
External net sales | 166,556 | 50,341 | 216,897 | 1,048 | 217,945 |
Internal net sales | 208 | 180 | 387 | -387 | - |
Total net sales | 166,763 | 50,521 | 217,284 | 661 | 217,945 |
Operating result | 8,265 | -2,748 | 5,517 | 270 | 5,787 |
Financial items | - | - | - | -1,984 | -1,984 |
Income taxes | - | - | - | -1,325 | -1,325 |
Result for the reporting period | 8,265 | -2,748 | 5,517 | -3,039 | 2,478 |
Segment assets | 137,291 | 33,368 | 170,659 | - | 170,659 |
of which investments | 3,086 | 1,035 | 4,120 | - | 4,120 |
Other assets | - | - | - | 15,868 | 15,868 |
Total assets | 137,291 | 33,368 | 170,659 | 15,868 | 186,527 |
Segment liabilities | 62,960 | 13,351 | 76,311 | - | 76,311 |
Other liabilities | - | - | - | 43,521 | 43,521 |
Total liabilities | 62,960 | 13,351 | 76,311 | 43,521 | 119,832 |
Operative net working capital | 47,666 | 18,897 | 66,563 | 516 | 67,079 |
Non-cash income and expenses included in operating result
2025 | 2024 | |
Segment total | -579 | 1,075 |
Total non-cash expenses and income | -579 | 1,075 |
Non-cash income and expenses in 2025 included the following items: impairment losses of trade receiv-ables EUR -1.3 million, impairment losses of inventory EUR 0.3 million, changes in provisions EUR 0.5 million.\t
Non-cash income and expenses in 2024 included the following items: impairment losses of trade receiv-ables EUR -0.6 million, impairment losses of inventory EUR 0.2 million, changes in provisions EUR 1.5 million.
Personnel
Number of personnel at the end of the year by segment | 2025 | 2024 |
Architecture | 602 | 619 |
Mobility, Display & Solar | 170 | 197 |
Total Segments | 772 | 816 |
Unallocated | - | 1 |
Total Glaston Group | 772 | 817 |
Number of personnel at the end of the year by geographical location | 2025 | 2024 |
Finland | 194 | 211 |
Other EMEA* | 348 | 374 |
Americas* | 48 | 45 |
APAC* | 182 | 187 |
Total | 772 | 817 |
Entity-wide disclosures
Net sales by product groups | 2025 | 2024 |
Goods sold | 196,720 | 207,667 |
Services rendered | 12,126 | 10,278 |
Total | 208,846 | 217,945 |
Net sales by country by destination | 2025 | 2024 |
Finland | 7,494 | 10,997 |
Other EMEA* | 85,959 | 85,856 |
Americas* | 65,300 | 66,701 |
APAC* | 50,093 | 54,391 |
Total | 208,846 | 217,945 |
Assets by country | 2025 | 2024 |
Finland | 51,777 | 41,030 |
Other EMEA* | 85,390 | 102,762 |
Americas* | 15,932 | 16,614 |
APAC* | 19,260 | 26,120 |
Total | 172,359 | 186,527 |
*EMEA = Europe, the Middle East and Africa
*Americas = North, Central and South America
*APAC = China and the rest of the Asia-Pacific area\t
Glaston's revenues from any single external customer do not exceed 10 per cent of Glaston's total revenue.
Laatimisperiaate
Glaston has two business lines: Architecture and Mobility, Display & Solar, which are the same as the Group's operating and reporting segments. The Architecture seg-ment includes tempering, laminating technologies and insulating glass technologies, as well as the related services business.The Mobility, Display & Solar segment includes heat treatment, pre-processing and solar technologies, as well as the related services business for the mobility, display and solar panel glass markets.
Segment assets include external trade receivables, fixed assets and inventory. Segment liabilities include external trade payables and advance payments received. In addition, segment assets and liabilities include business related prepayments and accruals as well as other business related receivables and liabilities. Segment assets and liabilities do not include loan receivables, prepayments and receivables related to financial items, interest-bearing liabilities, accruals and liabilities related to financial items, income and deferred tax assets and liabilities nor cash and cash equivalents. The Glaston Group's highest operational decision-maker is the company's Board of Directors, which is responsible for the most significant operational decisions.\t
2.2. Revenue from contracts with customer
Accounting policy
Net sales include the total invoicing value of products sold and services provided less discounted interest and sales tax, cash discounts and rebates. Foreign exchange dif-ferences arising from trade receivables are recognized as sales adjustments.
Revenue from the sale of goods is recognized at a specific date or within a certain period, according to when the buyer receives the goods or gains control. Normally, this takes place at the date of the delivery in accordance with the terms of delivery. Revenue from services rendered and repair work is recognized when the service has been rendered or the work has been completed. Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods delivered or services rendered.
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time. As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue rec-ognition takes place over time, according to when costs accumulate and are recog-nized for the project.
Contractual assets are recognized when project billing is lower than revenue rec-ognized based on the progress of the project and, similarly, advances received and contractual liabilities are recognized if project billing exceeds the revenue recognized on the basis of the project.
Contractual liabilities are recognized as revenue as the project is completed. Pro-jects subject to over time revenue recognition are, as a rule, completed in less than a year from start-up.\t
Estimates and assessments by Management
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time.
As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue recognition takes place over time according to when costs accumulate and are recognized for the project. Costs attributable to a project for which revenue is not yet recognized are included in inventories as construction contracts. Esti-mates are monitored and updated monthly and changes in revenue recognition are recognized in the same month as a forecast is changed. Forecasts are related to material and wage costs and to project overheads, which may result in a risk of a greater increase in a pro-ject\u2019s overall costs than forecast. Other risks related to the project and its profitability are unforeseen technical problems with supplied and installed equipment, which may give rise to repair costs. If project costs exceed the revenue of a project subject to over time revenue recog-nition, the loss is recognized for the period in which it is identified.
Revenue from contracts with customer
Classification of net sales
EUR thousand
2025 | Architecture | Mobility, Display & Solar | Total segment | Unallocated | Total |
External net sales | 161,821 | 47,024 | 208,845 | 0 | 208,846 |
Internal net sales | 339 | 53 | 392 | -392 | - |
Total net sales | 162,160 | 47,078 | 209,238 | -392 | 208,846 |
Revenue recognition | |||||
Over time | 112,483 | 30,449 | 142,931 | - | 142,931 |
At a point in time | 49,677 | 16,629 | 66,306 | -392 | 65,914 |
Total net sales | 162,160 | 47,078 | 209,238 | -392 | 208,846 |
2024 | Architecture | Mobility, Display & Solar | Total segment | Unallocated | Total |
External net sales | 166,556 | 50,341 | 216,897 | 1,048 | 217,945 |
Internal net sales | 208 | 180 | 387 | -387 | - |
Total net sales | 166,763 | 50,521 | 217,284 | 661 | 217,945 |
Revenue recognition | |||||
Over time | 119,055 | 32,966 | 152,021 | - | 152,021 |
At a point in time | 47,708 | 17,555 | 65,263 | 661 | 65,924 |
Total net sales | 166,763 | 50,521 | 217,284 | 661 | 217,945 |
2.2. Revenue from contracts with customer
Accounting policy
Net sales include the total invoicing value of products sold and services provided less discounted interest and sales tax, cash discounts and rebates. Foreign exchange dif-ferences arising from trade receivables are recognized as sales adjustments.
Revenue from the sale of goods is recognized at a specific date or within a certain period, according to when the buyer receives the goods or gains control. Normally, this takes place at the date of the delivery in accordance with the terms of delivery. Revenue from services rendered and repair work is recognized when the service has been rendered or the work has been completed. Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods delivered or services rendered.
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time. As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue rec-ognition takes place over time, according to when costs accumulate and are recog-nized for the project.
Contractual assets are recognized when project billing is lower than revenue rec-ognized based on the progress of the project and, similarly, advances received and contractual liabilities are recognized if project billing exceeds the revenue recognized on the basis of the project.
Contractual liabilities are recognized as revenue as the project is completed. Pro-jects subject to over time revenue recognition are, as a rule, completed in less than a year from start-up.\t
Estimates and assessments by Management
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time.
As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue recognition takes place over time according to when costs accumulate and are recognized for the project. Costs attributable to a project for which revenue is not yet recognized are included in inventories as construction contracts. Esti-mates are monitored and updated monthly and changes in revenue recognition are recognized in the same month as a forecast is changed. Forecasts are related to material and wage costs and to project overheads, which may result in a risk of a greater increase in a pro-ject\u2019s overall costs than forecast. Other risks related to the project and its profitability are unforeseen technical problems with supplied and installed equipment, which may give rise to repair costs. If project costs exceed the revenue of a project subject to over time revenue recog-nition, the loss is recognized for the period in which it is identified.
Revenue from contracts with customer
Classification of net sales
EUR thousand
2025 | Architecture | Mobility, Display & Solar | Total segment | Unallocated | Total |
External net sales | 161,821 | 47,024 | 208,845 | 0 | 208,846 |
Internal net sales | 339 | 53 | 392 | -392 | - |
Total net sales | 162,160 | 47,078 | 209,238 | -392 | 208,846 |
Revenue recognition | |||||
Over time | 112,483 | 30,449 | 142,931 | - | 142,931 |
At a point in time | 49,677 | 16,629 | 66,306 | -392 | 65,914 |
Total net sales | 162,160 | 47,078 | 209,238 | -392 | 208,846 |
2024 | Architecture | Mobility, Display & Solar | Total segment | Unallocated | Total |
External net sales | 166,556 | 50,341 | 216,897 | 1,048 | 217,945 |
Internal net sales | 208 | 180 | 387 | -387 | - |
Total net sales | 166,763 | 50,521 | 217,284 | 661 | 217,945 |
Revenue recognition | |||||
Over time | 119,055 | 32,966 | 152,021 | - | 152,021 |
At a point in time | 47,708 | 17,555 | 65,263 | 661 | 65,924 |
Total net sales | 166,763 | 50,521 | 217,284 | 661 | 217,945 |
Contract assets and liabilities
EUR thousand | 31.12.2025 | 31.12.2024 |
Contract assets | ||
Trade receivables | 15,906 | 14,529 |
Project income receivables | 14,430 | 9,110 |
Contract assets total | 30,336 | 23,639 |
Contract liablities | ||
Advance payments | -24,904 | -32,411 |
Project expense liablities | -56 | -438 |
Contract liablities total | -24,960 | -32,849 |
Gross contract assets/liabilities | 5,376 | -9,210 |
31.12.2025 | 31.12.2024 | |
Transaction price allocated to performance obligations that are partially or fully unsatisfied at the end of the reporting period | ||
Allocated transaction price expected to be recognised as revenue | 36,777 | 86,864 |
Accounting policy
Net sales include the total invoicing value of products sold and services provided less discounted interest and sales tax, cash discounts and rebates. Foreign exchange dif-ferences arising from trade receivables are recognized as sales adjustments.
Revenue from the sale of goods is recognized at a specific date or within a certain period, according to when the buyer receives the goods or gains control. Normally, this takes place at the date of the delivery in accordance with the terms of delivery. Revenue from services rendered and repair work is recognized when the service has been rendered or the work has been completed. Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for goods delivered or services rendered.
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time. As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue rec-ognition takes place over time, according to when costs accumulate and are recog-nized for the project.
Contractual assets are recognized when project billing is lower than revenue rec-ognized based on the progress of the project and, similarly, advances received and contractual liabilities are recognized if project billing exceeds the revenue recognized on the basis of the project.
Contractual liabilities are recognized as revenue as the project is completed. Pro-jects subject to over time revenue recognition are, as a rule, completed in less than a year from start-up.\t
Estimates and assessments by Management
In satisfying the terms of IFRS 15, Glaston recognizes the revenue from tailor-made glass processing machine deliveries over time.
As a revenue recognition practice, Glaston applies the cost-to-cost method, i.e. the share of accumulated project costs compared to total estimated costs is used as the degree of completion. Revenue recognition takes place over time according to when costs accumulate and are recognized for the project. Costs attributable to a project for which revenue is not yet recognized are included in inventories as construction contracts. Esti-mates are monitored and updated monthly and changes in revenue recognition are recognized in the same month as a forecast is changed. Forecasts are related to material and wage costs and to project overheads, which may result in a risk of a greater increase in a pro-ject\u2019s overall costs than forecast. Other risks related to the project and its profitability are unforeseen technical problems with supplied and installed equipment, which may give rise to repair costs. If project costs exceed the revenue of a project subject to over time revenue recog-nition, the loss is recognized for the period in which it is identified.
2.3. Other operating income
Accounting policy
Government or other grants are recognized in profit or loss in the same periods in which the corresponding expenses are incurred. Government grants received to acquire property, plant and equipment are reduced from the acquisition cost of the assets in question.\t
Other operating income | ||
EUR thousand | 2025 | 2024 |
Capital gains on sale of property, plant and equipment | 115 | 35 |
Rents(1 | 741 | 939 |
Government grants | 180 | 51 |
Insurance compensation | 3 | 5 |
Other income | 1,040 | 1,061 |
Other operating income total | 2,078 | 2,090 |
(1Leases where the Group acts as lessor are described in Note 4.2.
Other operating income | ||
EUR thousand | 2025 | 2024 |
Capital gains on sale of property, plant and equipment | 115 | 35 |
Rents(1 | 741 | 939 |
Government grants | 180 | 51 |
Insurance compensation | 3 | 5 |
Other income | 1,040 | 1,061 |
Other operating income total | 2,078 | 2,090 |
(1Leases where the Group acts as lessor are described in Note 4.2.
2.4. Materials and other operating expenses
EUR thousand | 2025 | 2024 |
Materials | ||
Materials and supplies, purchases during the period | -76,532 | -92,334 |
Change in inventories of materials and supplies | -5,209 | -927 |
Total materials | -81,741 | -93,261 |
Other operating expenses | ||
Leases | -996 | -936 |
Losses on sale of property, plant and equipment | -191 | -241 |
Subcontracting and maintenance | -6,174 | -8,062 |
Commissions | -2,047 | -2,574 |
Freight expenses | -6,049 | -4,769 |
Travel expenses | -6,650 | -6,941 |
External services, not production related | -3,640 | -4,269 |
IT, internet and phone | -7,351 | -8,214 |
Electricity, heating | -1,219 | -1,201 |
Marketing expenses | -997 | -1,662 |
Other expenses | -7,641 | -9,731 |
Total other operating expenses | -42,954 | -48,599 |
EUR thousand | 2025 | 2024 |
Fees for professional services rendered by auditors | ||
Auditor KPMG | ||
Auditing | -304 | -327 |
Legal statements | -53 | -77 |
Tax advisory | -104 | -78 |
Other services | - | - |
Total | -461 | -482 |
The auditor of Glaston Group during the financial years of 2025 and 2024 has been KPMG. KPMG Oy Ab fee from other than auditing was in 2024 EUR 12 thousand. Sustainability reporting assurance fee included in legal statements. Fee to other audit companies was EUR 33 (85) thousand.
EUR thousand | 2025 | 2024 |
Research and development costs | ||
Recognized in profit or loss | -6,746 | -8,409 |
Amortization of capitalized development costs during the reporting period | -2,327 | -2,164 |
Total | -9,073 | -10,572 |
As a percentage of net sales | 4.3% | 4.9% |
Capitalized development costs during the reporting period | 1,407 | 1,928 |
Other operating income | ||
EUR thousand | 2025 | 2024 |
Capital gains on sale of property, plant and equipment | 115 | 35 |
Rents(1 | 741 | 939 |
Government grants | 180 | 51 |
Insurance compensation | 3 | 5 |
Other income | 1,040 | 1,061 |
Other operating income total | 2,078 | 2,090 |
(1Leases where the Group acts as lessor are described in Note 4.2.
Accounting policy
Government or other grants are recognized in profit or loss in the same periods in which the corresponding expenses are incurred. Government grants received to acquire property, plant and equipment are reduced from the acquisition cost of the assets in question.\t
2.4. Materials and other operating expenses
EUR thousand | 2025 | 2024 |
Materials | ||
Materials and supplies, purchases during the period | -76,532 | -92,334 |
Change in inventories of materials and supplies | -5,209 | -927 |
Total materials | -81,741 | -93,261 |
Other operating expenses | ||
Leases | -996 | -936 |
Losses on sale of property, plant and equipment | -191 | -241 |
Subcontracting and maintenance | -6,174 | -8,062 |
Commissions | -2,047 | -2,574 |
Freight expenses | -6,049 | -4,769 |
Travel expenses | -6,650 | -6,941 |
External services, not production related | -3,640 | -4,269 |
IT, internet and phone | -7,351 | -8,214 |
Electricity, heating | -1,219 | -1,201 |
Marketing expenses | -997 | -1,662 |
Other expenses | -7,641 | -9,731 |
Total other operating expenses | -42,954 | -48,599 |
EUR thousand | 2025 | 2024 |
Fees for professional services rendered by auditors | ||
Auditor KPMG | ||
Auditing | -304 | -327 |
Legal statements | -53 | -77 |
Tax advisory | -104 | -78 |
Other services | - | - |
Total | -461 | -482 |
The auditor of Glaston Group during the financial years of 2025 and 2024 has been KPMG. KPMG Oy Ab fee from other than auditing was in 2024 EUR 12 thousand. Sustainability reporting assurance fee included in legal statements. Fee to other audit companies was EUR 33 (85) thousand.
EUR thousand | 2025 | 2024 |
Research and development costs | ||
Recognized in profit or loss | -6,746 | -8,409 |
Amortization of capitalized development costs during the reporting period | -2,327 | -2,164 |
Total | -9,073 | -10,572 |
As a percentage of net sales | 4.3% | 4.9% |
Capitalized development costs during the reporting period | 1,407 | 1,928 |
Fees for professional services rendered by auditors
Auditor KPMG
Auditing
-304
-327
Legal statements
-53
-77
Tax advisory
-104
-78
Other services
-
-
Total
-461
-482
The auditor of Glaston Group during the financial years of 2025 and 2024 has been KPMG. KPMG Oy Ab fee from other than auditing was in 2024 EUR 12 thousand. Sustainability reporting assurance fee included in legal statements. Fee to other audit companies was EUR 33 (85) thousand.
EUR thousand | 2025 | 2024 |
Research and development costs | ||
Recognized in profit or loss | -6,746 | -8,409 |
Amortization of capitalized development costs during the reporting period | -2,327 | -2,164 |
Total | -9,073 | -10,572 |
As a percentage of net sales | 4.3% | 4.9% |
Capitalized development costs during the reporting period | 1,407 | 1,928 |
Glaston capitalizes development costs of new products. In addition to other capitalization criteria, management has to estimate the future economic benefits arising from the development cost. If management estimates that there will not be future economic benefits, the develop-ment cost is recognized in profit or loss. Whether a development cost is capitalized or recognized immediately in profit or loss, it can have an effect on the result of the reporting period. At the end of the reporting period of 2025, Glaston had EUR 8.4 (9.5) million of capitalized develop-ment expenditure and related advance payments of the development expenditure on its statement of financial position.\t
Intangible assets | ||||||
EUR thousand 2025 | ||||||
Capitalized development expenditure | Intangible rights | Customer relations | Goodwill | Advances paid | Total | |
Acquisition cost at beginning of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Other increases | 210 | 294 | - | - | 1,256 | 1,760 |
Decreases | -211 | -243 | - | - | - | -454 |
Reclassifications and other changes | 1,164 | 146 | - | - | -1,403 | -94 |
Exchange differences | -63 | 35 | - | -748 | 0 | -776 |
Acquisition cost at end of year | 36,534 | 16,641 | 11,400 | 51,515 | 1,603 | 117,693 |
Accumulated amortization and impairment at beginning of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Accumulated amortization relating to decreases and transfers | 20 | 242 | - | - | - | 262 |
Amortization during the reporting period | -2,458 | -694 | -1,140 | - | - | -4,292 |
Exchange differences | 47 | 8 | - | - | - | 56 |
Accumulated amortization and impairment at end of year | -29,721 | -14,478 | -7,695 | 6,260 | - | -45,634 |
Carrying amount at end of year | 6,813 | 2,163 | 3,705 | 57,775 | 1,603 | 72,059 |
2024 | ||||||
Acquisition cost at beginning of year | 31,954 | 17,203 | 11,400 | 51,894 | 3,409 | 115,859 |
Other increases | 540 | 159 | - | - | 1,721 | 2,420 |
Decreases | -132 | -1,184 | - | - | - | -1,316 |
Reclassifications and other changes | 3,082 | 297 | - | - | -3,380 | -0 |
Exchange differences | -10 | -66 | - | 370 | -1 | 293 |
Acquisition cost at end of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Accumulated amortization and impairment at beginning of year | -25,269 | -14,375 | -5,415 | 6,260 | - | -38,799 |
Accumulated amortization relating to decreases and transfers | 132 | 969 | - | - | - | 1,101 |
Amortization during the reporting period | -2,164 | -697 | -1,140 | - | - | -4,001 |
Exchange differences | -29 | 68 | - | - | - | 40 |
Accumulated amortization and impairment at end of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Carrying amount at end of year | 8,105 | 2,374 | 4,845 | 58,524 | 1,749 | 75,596 |
2.5. Employee benefits and number of personnel
EUR thousand | 2025 | 2024 |
Employee benefits | ||
Wages and salaries | -54,523 | -58,138 |
Pension expenses | -4,499 | -4,445 |
Other personnel expenses | -6,970 | -6,566 |
Total personnel expenses | -65,992 | -69,148 |
Pension expenses
Defined benefit plans | 149 | 180 |
Defined contribution plans | -4,649 | -4,625 |
Total pension expenses | -4,499 | -4,445 |
2025 | 2024 | |
Number of personnel | ||
Number of personnel, average | 799 | 809 |
Personnel in Finland, end of the period | 194 | 211 |
Personnel outside Finland, end of the period | 578 | 606 |
Total | 772 | 817 |
Information on employee benefits and other related party transactions of key management personnel is presented in Appendix 7.1.\t
Share-based incentive plans are described in more detail in Note 2.6. to the consolidated financial statements.\t
Pension benefits are presented in more detail in Note 2.7. to the consolidated financial statements.\t
2.7. Pension benefits
Accounting policy
The Group has various pension plans in accordance with the local prac-tices in the countries where it operates. The pension plans are classified as defined contribution plans or defined benefit plans. The payments to the schemes are determined by actuarial calculations. The contributions to defined contribution plans are charged to profit or loss in the period to which the contributions relate.
The obligations for defined benefit plans have been calculated sep-arately for each plan. Defined benefit liabilities or assets, which have arisen from the difference between the present value of the obligations and the fair value of plan assets, have been entered in the statement of financial position.
The defined benefit obligation is measured as the present value of the estimated future cash flows using interest rates of government securities that have maturity terms approximating the terms of related liabilities or similar long-term interests.
For the defined benefit plans, costs are assessed using the projected unit credit method. Under this method the cost is charged to profit or loss so as to spread over the service lives of employees.
According to the standard Glaston records actuarial gains and losses, return on plan assets excluding interest income and change in effect of asset ceiling in other comprehensive income. Current and past service costs, net interest on net defined benefit liability and interest expense or income on effect of asset ceiling is recorded in profit or loss. Other changes in net defined benefit liability are recognized in other compre-hensive income with no subsequent recycling to profit or loss.
Estimates and assessments by Management
Calculation of defined benefit pensions requires choosing certain assumptions which actuaries use in calculation of the obligations arising from defined benefit plans. These assumptions include, among other things, discount rates used in the measurement of plan assets and liabili-ties as well as other actuarial assumptions such as future salary increases and mortality rate.
The Group has a defined benefit pension plan in Glaston Switzerland AG, Switzerland. The Group has also defined contribution pension plans, of which the charge to the income statement was EUR 4.6 (5.0) million.
In addition to defined benefit pen-sions, Glaston has no other long-term defined employee benefits in 2025 and 2024.\t
Pension benefits
EUR thousand | 2025 | 2024 |
Amounts in the statement of financial position relating to defined benefit pension plans | 14,902 | 18,200 |
Present value of funded obligations | 14,420 | 17,555 |
Fair value of plan assets | -482 | -645 |
Total deficit of defined benefit pension plans | -482 | -645 |
Difference | ||
Amounts in the statement of financial position | ||
1.1. Net liability (asset +) | - | - |
Liabilities | -482 | -645 |
Assets | - | - |
Adjustment to asset ceiling | - | - |
31.12. Net liability (asset +) | -482 | -645 |
Amounts in the statement of financial position relating to other long-term employee benefits
EUR thousand | Present value of obligation | Fair value on plan assets | Total |
1.1.2025 | 18,200 | 17,555 | 645 |
Foreign exchange difference | 192 | 186 | 6 |
Interest expense / income | 164 | 158 | 6 |
Current service cost | 376 | - | 376 |
Past service cost | - | - | - |
Employee contributions | 360 | 360 | - |
Employer contributions | - | 393 | -393 |
Benefits paid | -1,189 | -1,189 | - |
OCI: Actuarial gains (-) / losses (+) | 2,286 | - | 2,286 |
Gains and losses on settlement / curtailment | -5,496 | -5,348 | -148 |
Administration cost | 9 | - | 9 |
OCI: Return on plan assets (excluding amounts included in the net interest expense) | - | 2,305 | -2,305 |
31.12.2025 | 14,902 | 14,420 | 482 |
EUR thousand | Present value of obligation | Fair value on plan assets | Total |
1.1.2024 | 25,826 | 26,998 | -1,172 |
Foreign exchange difference | -417 | -437 | 20 |
Interest expense / income | 462 | 485 | -23 |
Current service cost | 548 | - | 548 |
Past service cost | 0 | - | - |
Employee contributions | 508 | 508 | - |
Employer contributions | - | 557 | -557 |
Benefits paid | -4,474 | -4,474 | - |
OCI: Actuarial gains (-) / losses (+) | 1,785 | - | 1,785 |
Gains and losses on settlement / curtailment | -6,051 | -5,492 | -559 |
Administration cost | 13 | - | 13 |
OCI: Return on plan assets (excluding amounts included in the net interest expense) | - | -590 | 590 |
31.12.2024 | 18,200 | 17,555 | 645 |
Plan asset classes
EUR thousand | 2025 | 2024 |
Cash and cash equivalents | 433 | 527 |
Equity instruments | 5,583 | 6,751 |
Debt instruments | 4,130 | 5,063 |
Real estate | 3,553 | 4,336 |
Other | 721 | 878 |
Total plan assests | 14,420 | 17,555 |
Sensitivity analysis, defined benefit obligation
EUR thousand | Changes in parameters (effect to obligation) | 2025 | 2024 |
Discount rate | - 0.25% | 15,439 | 18,871 |
Discount rate | + 0.25% | 14,399 | 17,572 |
Interest rate on retirement savings capital | - 0.25% | 14,767 | 18,026 |
Interest rate on retirement savings capital | + 0.25% | 15,040 | 18,379 |
Salary increase | - 0.25% | 14,845 | 18,133 |
Salary increase | + 0.25% | 14,956 | 18,272 |
Life expectancy | + 1 year | 15,272 | 18,634 |
Life expectancy | - 1 year | 14,527 | 17,761 |
Glaston Switzerland AG is affiliated to the foundation GEMINI Sammel-stiftung which pension foundation is able to adapt the contribution and benefits. In case of underfunding there is a risk for the employer to be involved in additional payments to the foundation.
The Group expects to contribute EUR 278 thousand to its other long-term employee benefit plans in 2026.\t
Actuarial assumptions
2025 Defined pension plans | 2024 Defined pension plans | |
Discount rate, % | 1.10% | 0.90% |
Future salary increase, % | 1.00% | 1.00% |
Duration in years | 14.1 | 14.4 |
Remuneration of the Executive Leadership Team, accrual based | ||
EUR | 2025 | 2024 |
President and CEO | ||
Salaries | -290,408 | -337,815 |
Bonuses | -32,071 | -86,458 |
Share based benefit | -3,096 | - |
Total | -325,575 | -424,272 |
Fringe benefits | -40,267 | -241 |
Total | -365,842 | -424,513 |
Statutory pension payments (Finnish TyEL or similar plan) | -67,771 | -112,332 |
Total other Executive Leadership Team | ||
Salaries | -1,191,570 | -1,376,156 |
Bonuses | -116,320 | -128,753 |
Share based benefit | 47,011 | 12,739 |
Severance pay | -183,750 | - |
Total | -1,444,630 | -1,492,169 |
Fringe benefits | -143,698 | -140,152 |
Total | -1,588,328 | -1,632,321 |
Statutory pension payments (Finnish TyEL or similar plan) | -93,797 | -177,273 |
Voluntary pension payments | - | -19,224 |
2025: From 1 June 2025, Miika \u00c4ppelqvist has served as the President and CEO. Toni Laaksonen served as the President and CEO until 31 May 2025. The President and CEO salaries above in the 2025 column include the total combined salaries of \u00c4ppelqvist and Laaksonen.2024: From 12 August 2024, Toni Laaksonen has served as the President and CEO. Antti Kaunonen served as the Interim President and CEO until 12 August 2024. The President and CEO salaries above in the 2024 column include the total com-bined salaries of Kaunonen and Laaksonen.
The remuneration of the Executive Leadership Team includes salaries only for the period of membership.
The President and CEO's period of notice is 6 months. In the event the company would give notice to the President and CEO, he will receive an additional remuneration equaling 9 -12 months' salary.
Compensation of the President and CEO and other members of the Executive Leadership Team consists of a fixed monthly salary, an annual bonus and a share-based incentive plan intended as a long-term incen-tive (described in more detail in Note 2.6). The criteria for bonus payments are consolidated result, result of the business unit as well as functional tar-gets. The maximum annual bonus of the President and CEO is 60 per cent of the annual salary. The maximum annual bonus of the other members of the Executive Leadership Team is 40 per cent of the annual salary.
The retirement age of the Presi-dent and CEO of Glaston Corporation and other members of the Execu-tive Leadership Team is according to the normal local legislation, ie. 63-68 years.
Remuneration of the Board of Directors, accrual based | ||||||
2025 | 2024 | |||||
EUR | annual fee | meeting fee | Total | annual fee | meeting fee | Total |
Veli-Matti Reinikkala, Chair of the Board of Directors | -81,500 | -17,200 | -98,700 | -80,500 | -17,100 | -97,600 |
Sebastian Bondestam, Deputy Chair of the Board of Directors | -45,000 | -7,500 | -52,500 | -44,500 | -8,000 | -52,500 |
Sarlotta Narjus(1 | -8,750 | -2,500 | -11,250 | -34,500 | -9,000 | -43,500 |
Antti Kaunonen | -35,000 | -8,000 | -43,000 | -34,500 | -6,500 | -41,000 |
Arja Talma | -45,000 | -9,000 | -54,000 | -44,500 | -8,500 | -53,000 |
Tero Telaranta | -35,000 | -9,000 | -44,000 | -34,500 | -9,000 | -43,500 |
Michael Willome | -35,000 | -10,500 | -45,500 | -34,500 | -10,500 | -45,000 |
Tina Wu(2 | -26,250 | -8,000 | -34,250 | - | - | - |
Total | -311,500 | -71,700 | -383,200 | -307,500 | -68,600 | -376,100 |
The members of Glaston Corpora-tion's Board of Directors were paid an annual remuneration and a meet-ing fee; other compensation was not paid. The 2025 Annual General Meeting resolved that an annual fee of EUR 74,000 (74,000) shall be paid to the Chair of the Board, EUR 45,000 (45,000) to the Deputy Chair and EUR 35,000 (35,000) to other Members of the Board. In addition, a meeting fee of EUR 800 (800) per meeting held in the Chair's home country and EUR 1,500 per meeting held elsewhere were paid to the Chair. The other
members of Glaston Corporation's Board of Directors were paid EUR 500 per meeting held in the Board mem-ber's home country and EUR 1,000 per meeting held elsewhere. For the Board Meeting, which is hold per cap-sulam, will be paid half of the regular fee. Member of the Board may, at his/her discretion, choose to receive the annual fixed remuneration partly in company shares and partly in cash so that approximately 40% of the annual fixed remuneration is paid in Glaston Corporation\u2019s shares.
The members of Glaston Corpo-ration's Audit and People and Remu-neration Committees are paid for every meeting, that a member has participated, EUR 500 per meeting held in the member's home coun-try and EUR 1,000 per meeting held elsewhere. In addition, the Chair of the Audit Committee was paid annual fee of EUR 10,000 and to the Chair of the People and Remuneration Committee an annual fee of EUR 7,500.\t
1) Board member until April 16, 2025
2) Board member as of April 16, 2025\t
2025 | 2024 | |
Number of personnel | ||
Number of personnel, average | 799 | 809 |
Personnel in Finland, end of the period | 194 | 211 |
Personnel outside Finland, end of the period | 578 | 606 |
Total | 772 | 817 |
2.6. Share-based incentive plans
Accounting policy
Glaston's share-based incentive plans are directed to the Group's key personnel as part of the Group's incentive schemes. The plans aim to align the interests of the company's shareholders and key personnel in the Group in order to raise the value of Glaston.The expenses arising from the equity-settled share-based payment transactions have been recognized in profit or loss and in equity during the vesting periods.
Equity-settled share-based payment transactions are valued at the time of grant. Glaston has recorded the share-based incentive plans as equity-settled share-based payment transactions. The fair value of the part to be paid in shares is determined on the day the target group has accepted the terms of the arrangement. The portion of the reward paid in cash is revalued during the waiting period at each reporting time based on the share's stock exchange price at the time of review.
Share-based incentive plans\t
In February 2025, The Board of Directors of Glaston Corporation resolved on the share-based incentive plan 2025\u22122029 for the Group key employees in accord-ance with the terms and conditions materially corresponding to the terms and conditions of the share-based incentive plan 2019\u22122023.
The aim of the incentive plan is to align the objectives of the sharehold-
ers and the key employees in order to increase the value of the company in the long term, to retain the key employees at the company, and to offer them a competitive incentive plan that is based on earning and accumulating the company\u2019s shares.
The share-based incentive plan 2025\u22122029 comprises three per-formance periods, calendar years 2025\u22122027, 2026\u22122028, and 2027\u22122029.
The Board of Directors resolves on the plan\u2019s performance criteria and on the performance levels at the beginning of each performance period. The key employees will receive the compa-ny\u2019s shares as a reward, if the per-formance levels of the performance criteria, set by the Board of Directors, are achieved. As a general rule, no reward will be paid, if a key employee\u2019s employment or service terminates before the reward payment.
Performance Period 2025\u20142027
The potential reward of the per-formance period 2025\u22122027 will be based on the Glaston Group\u2019s compa-rable EBITA, Service Net Sales and EPS during the period of 1 January 2025\u221231 December 2027. If the performance levels of the performance criteria for the performance period 2025\u22122027 are achieved in full, the payable rewards correspond to a maximum total of 271,792 Glaston Corporation shares, including also the proportion to be paid in cash.
The potential reward from the
performance period 2025\u22122027 will be paid in 2028 in a manner resolved by the Board of Directors, either partly in the company\u2019s shares and partly in cash, in which case the cash propor-tion 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 Direc-tors is reached.
In total 9 key persons belong to the target group of the plan in the perfor-mance period 2025\u20132027.
Performance Period 2024\u20142026
The potential reward of the per-formance period 2024\u22122026 will be based on the Glaston Group\u2019s compa-rable EBITA, Service Net Sales and EPS during the period of 1 January 2024\u221231 December 2026. If the performance levels of the performance criteria for the performance period 2024\u22122026 are achieved in full, the payable rewards correspond to a maximum
total of 109,900 Glaston Corporation shares, including also the proportion to be paid in cash.
The potential reward from the performance period 2024\u22122026 will be paid in 2027 in a manner resolved by the Board of Directors, either partly in the company\u2019s shares and partly in cash, in which case the cash propor-tion 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 Direc-tors is reached.In total 8 key persons belong to the target group of the plan in the perfor-mance period 2024\u20132026.
Performance Period 2023\u20142025
The potential reward of the perfor-mance period 2023\u22122025 was based on the Glaston Group\u2019s comparable EBITA, Service Net Sales and EPS
during the period of 1 January 2023\u221231 December 2025. The performance levels of the performance criteria for the performance period 2023\u20132025 are achieved partly and the rewards correspond to a approximately total of 2,690 Glaston Corporation shares, including also the proportion to be paid in cash.
The potential reward from the performance period 2023\u22122025 will be paid in 2026 in a manner resolved by the Board of Directors, either partly
in the company\u2019s shares and partly in cash, in which case the cash propor-tion 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 Direc-tors is reached.
In total 7 key persons belong to the target group of the plan in the perfor-mance period 2023\u20132025.
Basic information of the share-based plans | 2025-2027 | 2024-2026 | 2023-2025 |
Grant date | 1 July 2025 | 29 April 2024 | 12 April 2023 |
Nature of the plan | Shares/cash | Shares/cash | Shares/cash |
Target group | Key personnel | Key personnel | Key personnel |
Maximum amount of shares (including cash) | 271,792 shares | 109,900 shares | 89,650 shares |
Total amount of shares at the end of the performance period (including cash) | - | - | 2,690 shares |
Performance period begins | 1 January 2025 | 1 January 2024 | 1 January 2023 |
Performance period ends | 31 December 2027 | 31 December 2026 | 31 December 2025 |
End of restriction period/ payment | 1 April 2028 | 1 April 2027 | 1 April 2026 |
Vesting conditions | Group's comparable EBITA, Service Net Sales and EPS | Group's comparable EBITA, Service Net Sales and EPS | Group's comparable EBITA, Service Net Sales and EPS |
Service period | Service period | Service period | |
Maximum contractual life, years | 3 | 3 | 3 |
Remaining contractual life, years | 2 | 1 | 0 |
Number of persons involved 31 December 2025 | 9 | 8 | 7 |
Effect on the profit or loss for the period and on financial position | 2025 | 2024 |
Effect on the result of the reporting period, EUR thousand | 50 | 68 |
Accounting policy
Glaston's share-based incentive plans are directed to the Group's key personnel as part of the Group's incentive schemes. The plans aim to align the interests of the company's shareholders and key personnel in the Group in order to raise the value of Glaston.The expenses arising from the equity-settled share-based payment transactions have been recognized in profit or loss and in equity during the vesting periods.
Equity-settled share-based payment transactions are valued at the time of grant. Glaston has recorded the share-based incentive plans as equity-settled share-based payment transactions. The fair value of the part to be paid in shares is determined on the day the target group has accepted the terms of the arrangement. The portion of the reward paid in cash is revalued during the waiting period at each reporting time based on the share's stock exchange price at the time of review.
2.7. Pension benefits
Accounting policy
The Group has various pension plans in accordance with the local prac-tices in the countries where it operates. The pension plans are classified as defined contribution plans or defined benefit plans. The payments to the schemes are determined by actuarial calculations. The contributions to defined contribution plans are charged to profit or loss in the period to which the contributions relate.
The obligations for defined benefit plans have been calculated sep-arately for each plan. Defined benefit liabilities or assets, which have arisen from the difference between the present value of the obligations and the fair value of plan assets, have been entered in the statement of financial position.
The defined benefit obligation is measured as the present value of the estimated future cash flows using interest rates of government securities that have maturity terms approximating the terms of related liabilities or similar long-term interests.
For the defined benefit plans, costs are assessed using the projected unit credit method. Under this method the cost is charged to profit or loss so as to spread over the service lives of employees.
According to the standard Glaston records actuarial gains and losses, return on plan assets excluding interest income and change in effect of asset ceiling in other comprehensive income. Current and past service costs, net interest on net defined benefit liability and interest expense or income on effect of asset ceiling is recorded in profit or loss. Other changes in net defined benefit liability are recognized in other compre-hensive income with no subsequent recycling to profit or loss.
Estimates and assessments by Management
Calculation of defined benefit pensions requires choosing certain assumptions which actuaries use in calculation of the obligations arising from defined benefit plans. These assumptions include, among other things, discount rates used in the measurement of plan assets and liabili-ties as well as other actuarial assumptions such as future salary increases and mortality rate.
The Group has a defined benefit pension plan in Glaston Switzerland AG, Switzerland. The Group has also defined contribution pension plans, of which the charge to the income statement was EUR 4.6 (5.0) million.
In addition to defined benefit pen-sions, Glaston has no other long-term defined employee benefits in 2025 and 2024.\t
Pension benefits
EUR thousand | 2025 | 2024 |
Amounts in the statement of financial position relating to defined benefit pension plans | 14,902 | 18,200 |
Present value of funded obligations | 14,420 | 17,555 |
Fair value of plan assets | -482 | -645 |
Total deficit of defined benefit pension plans | -482 | -645 |
Difference | ||
Amounts in the statement of financial position | ||
1.1. Net liability (asset +) | - | - |
Liabilities | -482 | -645 |
Assets | - | - |
Adjustment to asset ceiling | - | - |
31.12. Net liability (asset +) | -482 | -645 |
Amounts in the statement of financial position relating to other long-term employee benefits
EUR thousand | Present value of obligation | Fair value on plan assets | Total |
1.1.2025 | 18,200 | 17,555 | 645 |
Foreign exchange difference | 192 | 186 | 6 |
Interest expense / income | 164 | 158 | 6 |
Current service cost | 376 | - | 376 |
Past service cost | - | - | - |
Employee contributions | 360 | 360 | - |
Employer contributions | - | 393 | -393 |
Benefits paid | -1,189 | -1,189 | - |
OCI: Actuarial gains (-) / losses (+) | 2,286 | - | 2,286 |
Gains and losses on settlement / curtailment | -5,496 | -5,348 | -148 |
Administration cost | 9 | - | 9 |
OCI: Return on plan assets (excluding amounts included in the net interest expense) | - | 2,305 | -2,305 |
31.12.2025 | 14,902 | 14,420 | 482 |
EUR thousand | Present value of obligation | Fair value on plan assets | Total |
1.1.2024 | 25,826 | 26,998 | -1,172 |
Foreign exchange difference | -417 | -437 | 20 |
Interest expense / income | 462 | 485 | -23 |
Current service cost | 548 | - | 548 |
Past service cost | 0 | - | - |
Employee contributions | 508 | 508 | - |
Employer contributions | - | 557 | -557 |
Benefits paid | -4,474 | -4,474 | - |
OCI: Actuarial gains (-) / losses (+) | 1,785 | - | 1,785 |
Gains and losses on settlement / curtailment | -6,051 | -5,492 | -559 |
Administration cost | 13 | - | 13 |
OCI: Return on plan assets (excluding amounts included in the net interest expense) | - | -590 | 590 |
31.12.2024 | 18,200 | 17,555 | 645 |
Plan asset classes
EUR thousand | 2025 | 2024 |
Cash and cash equivalents | 433 | 527 |
Equity instruments | 5,583 | 6,751 |
Debt instruments | 4,130 | 5,063 |
Real estate | 3,553 | 4,336 |
Other | 721 | 878 |
Total plan assests | 14,420 | 17,555 |
Sensitivity analysis, defined benefit obligation
EUR thousand | Changes in parameters (effect to obligation) | 2025 | 2024 |
Discount rate | - 0.25% | 15,439 | 18,871 |
Discount rate | + 0.25% | 14,399 | 17,572 |
Interest rate on retirement savings capital | - 0.25% | 14,767 | 18,026 |
Interest rate on retirement savings capital | + 0.25% | 15,040 | 18,379 |
Salary increase | - 0.25% | 14,845 | 18,133 |
Salary increase | + 0.25% | 14,956 | 18,272 |
Life expectancy | + 1 year | 15,272 | 18,634 |
Life expectancy | - 1 year | 14,527 | 17,761 |
Glaston Switzerland AG is affiliated to the foundation GEMINI Sammel-stiftung which pension foundation is able to adapt the contribution and benefits. In case of underfunding there is a risk for the employer to be involved in additional payments to the foundation.
The Group expects to contribute EUR 278 thousand to its other long-term employee benefit plans in 2026.\t
Actuarial assumptions
2025 Defined pension plans | 2024 Defined pension plans | |
Discount rate, % | 1.10% | 0.90% |
Future salary increase, % | 1.00% | 1.00% |
Duration in years | 14.1 | 14.4 |
Accounting policy
The Group has various pension plans in accordance with the local prac-tices in the countries where it operates. The pension plans are classified as defined contribution plans or defined benefit plans. The payments to the schemes are determined by actuarial calculations. The contributions to defined contribution plans are charged to profit or loss in the period to which the contributions relate.
The obligations for defined benefit plans have been calculated sep-arately for each plan. Defined benefit liabilities or assets, which have arisen from the difference between the present value of the obligations and the fair value of plan assets, have been entered in the statement of financial position.
The defined benefit obligation is measured as the present value of the estimated future cash flows using interest rates of government securities that have maturity terms approximating the terms of related liabilities or similar long-term interests.
For the defined benefit plans, costs are assessed using the projected unit credit method. Under this method the cost is charged to profit or loss so as to spread over the service lives of employees.
According to the standard Glaston records actuarial gains and losses, return on plan assets excluding interest income and change in effect of asset ceiling in other comprehensive income. Current and past service costs, net interest on net defined benefit liability and interest expense or income on effect of asset ceiling is recorded in profit or loss. Other changes in net defined benefit liability are recognized in other compre-hensive income with no subsequent recycling to profit or loss.
2.8. Financial income and expenses
EUR thousand | 2025 | 2024 |
Interest income | ||
Interest income on deposits | 621 | 421 |
Total interest income | 621 | 421 |
Interest expenses | ||
Interest expenses on financial liabilities measured at amortized cost | -1,221 | -1,336 |
Interest expenses on lease liabilities | -335 | -410 |
Interest rate derivatives | 100 | 283 |
Other interest expenses | -313 | -348 |
Total interest expenses | -1,769 | -1,811 |
Other financial expenses | ||
On bank fees | -239 | -262 |
Currency derivatives forward points | 1 | -1 |
Guarantee expenses | -34 | -72 |
Other financial expenses | -198 | -180 |
Total other financial expenses | -470 | -514 |
Foreign exchange differences, net | ||
On loans and receivables | -865 | -175 |
Other foreign exchange gains and losses | -32 | 95 |
Total foreign exchange differences | -897 | -80 |
Total financial income and expenses in financial items | -2,515 | -1,984 |
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
2.8. Financial income and expenses
EUR thousand | 2025 | 2024 |
Interest income | ||
Interest income on deposits | 621 | 421 |
Total interest income | 621 | 421 |
Interest expenses | ||
Interest expenses on financial liabilities measured at amortized cost | -1,221 | -1,336 |
Interest expenses on lease liabilities | -335 | -410 |
Interest rate derivatives | 100 | 283 |
Other interest expenses | -313 | -348 |
Total interest expenses | -1,769 | -1,811 |
Other financial expenses | ||
On bank fees | -239 | -262 |
Currency derivatives forward points | 1 | -1 |
Guarantee expenses | -34 | -72 |
Other financial expenses | -198 | -180 |
Total other financial expenses | -470 | -514 |
Foreign exchange differences, net | ||
On loans and receivables | -865 | -175 |
Other foreign exchange gains and losses | -32 | 95 |
Total foreign exchange differences | -897 | -80 |
Total financial income and expenses in financial items | -2,515 | -1,984 |
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
2.8. Financial income and expenses
EUR thousand | 2025 | 2024 |
Interest income | ||
Interest income on deposits | 621 | 421 |
Total interest income | 621 | 421 |
Interest expenses | ||
Interest expenses on financial liabilities measured at amortized cost | -1,221 | -1,336 |
Interest expenses on lease liabilities | -335 | -410 |
Interest rate derivatives | 100 | 283 |
Other interest expenses | -313 | -348 |
Total interest expenses | -1,769 | -1,811 |
Other financial expenses | ||
On bank fees | -239 | -262 |
Currency derivatives forward points | 1 | -1 |
Guarantee expenses | -34 | -72 |
Other financial expenses | -198 | -180 |
Total other financial expenses | -470 | -514 |
Foreign exchange differences, net | ||
On loans and receivables | -865 | -175 |
Other foreign exchange gains and losses | -32 | 95 |
Total foreign exchange differences | -897 | -80 |
Total financial income and expenses in financial items | -2,515 | -1,984 |
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
Derivative Contracts Recognized at Fair Value through Profit or Loss, And Hedge Accounting
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabili-ties acquired for trading and entered at fair value through profit or loss, and whose changes of value are recognized immediately through profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to foreign exchange derivatives. If the hedge accounting conditions are not met, the result of hedging instruments when hedging a commercial foreign exchange risk are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position
in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Hedge accounting was used in hedging the trade receivables of projects and in hedging a variable rate loan. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting period 2025, Glaston had open foreign exchange and interest rate forward contracts.
In reporting periods 2025 and 2024, hedge accounting was used in hedg-ing the trade receivables of projects. In August 2024, Glaston entered into a 3-year interest rate swap with a nom-inal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting periods 2025 and 2024, Glaston had open foreign exchange forward contracts and interest rate swaps.
Nominal and fair values of derivative instruments
2025 | 2024 | |||
EUR thousand | Nominal value | Fair value | Nominal value | Fair value |
Currency rate forwards | 8,568 | 212 | 14,699 | -634 |
Interest rate forwards | 10,000 | -7 | 22,000 | 95 |
EUR thousand | 2025 | 2024 |
Derivative instruments in the income statement | ||
Items included in net sales | 387 | -512 |
Financial items | 101 | 282 |
Derivative instruments in the statement of financial position, receivables and liabilities | ||
Accrued expenses and deferred income | ||
Currency and interest rate forwards | 12 | 752 |
Accrued income | ||
Currency and interest rate forwards | 218 | 214 |
Accounting policy
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabilities acquired for trading purposes and recorded at fair value through profit or loss, with changes in value immediately recorded in profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to derivatives. If the hedge accounting conditions are not met, the result of hedging instruments are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Derivative instruments are used only for currency and interest rate hedg-ing purposes. Nominal values of derivative instruments do not necessarily correspond with the actual cash flows between the counterparties and do not therefore give a fair view of the risk position of the Group. The fair values are based on market valuation on the date of reporting.
EUR thousand | 2025 | 2024 |
Net foreign exchange differences in operating result | ||
Net sales | 1,529 | 139 |
Purchases | 100 | 5 |
Other operating expenses | 5 | -54 |
Total | 1,634 | 90 |
Derivatives recognized in profit or loss | ||
Currency derivatives, hedge accounting | ||
Realized currency derivatives recognized in net sales | 387 | -512 |
Currency derivatives forward points | 1 | -1 |
Total | 388 | -513 |
Borrowing costs were not capitalized in Glaston Group in 2025 or 2024 as Glaston has not had any qualifying assets as defined in IAS 23 Borrowing Costs.
Financial assets and liabilities by category\t
EUR thousand 31 December, 2025 | Note | Financial assets and liabilities measured at fair value through other comprehensive income | Financial assets and liabilities at fair value through profit and loss | Financial liabilities at amortized cost | Total carrying amounts | Total fair value |
Cash | 5.2. | - | - | 8,856 | 8,856 | - |
Trade receivables | 4.2. | - | - | 15,906 | 15,906 | - |
Other interest-free receivables | 4.2. | - | - | 3,328 | 3,328 | - |
Derivatives (receivables) | 5.7. | 218 | - | - | 218 | - |
Shares and other long-term investments | 8 | - | - | 8 | - | |
Non-current interest-bearing liabilities | 5.6. | - | - | -31,841 | -31,841 | -28,967 |
Current interest-bearing liabilities | 5.6. | - | - | -4,970 | -4,970 | -5,026 |
Trade payables | 4.3. | - | - | -15,134 | -15,134 | - |
Other current interest-free liabilities | 4.3. | - | - | -2,144 | -2,144 | - |
Derivatives (liabilities) | 5.7. | -12 | - | - | -12 | - |
Total | 214 | - | -25,999 | -25,785 | -33,992 |
31 December, 2024 | ||||||
Cash | 5.2. | - | - | 12,283 | 12,283 | - |
Trade receivables | 4.2. | - | - | 14,529 | 14,529 | - |
Other interest-free receivables | 4.2. | - | - | 3,851 | 3,851 | - |
Derivatives (receivables) | 5.7. | 214 | - | - | 214 | - |
Shares and other long-term investments | 8 | - | - | 8 | - | |
Non-current interest-bearing liabilities | 5.6. | - | - | -27,820 | -27,820 | -25,396 |
Current interest-bearing liabilities | 5.6. | - | - | -4,243 | -4,243 | -4,711 |
Trade payables | 4.3. | - | - | -21,100 | -21,100 | - |
Other current interest-free liabilities | 4.3. | - | - | -3,039 | -3,039 | - |
Derivatives (liabilities) | 5.7. | -752 | - | - | -752 | - |
Total | -531 | - | -25,539 | -26,070 | -30,106 |
Fair value measurement hierarchy | 31.12.2025 | 31.12.2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||||||
Currency and interest rate forward contracts | - | 218 | - | 218 | - | 214 | - | 214 |
Total | - | 218 | - | 218 | - | 214 | - | 214 |
Liabilities | ||||||||
Finacial liabilities | - | -33,992 | - | -33,992 | - | -30,106 | - | -30,106 |
Currency and interest rate forward contracts | - | -12 | - | -12 | - | -752 | - | -752 |
Total | - | -34,004 | - | -34,004 | - | -30,859 | - | -30,859 |
Fair value measurement hierarchy:\t
Level 1 = quoted prices in active markets\t
Level 2 = other than quoted prices included within Level 1 that are observable either directly or indirectly\t
Level 3 = not based on observable market data\t
Specific valuation techniques used to value financial instruments include:
\u2022 The fair value of forward foreign exchange contracts is determined by using forward rates at the closing date\t
\u2022 The use of quoted market prices or dealer quotes for similar instruments\t
2.9. Income taxes
Accounting policy
The consolidated financial statements include current taxes, which are based on the taxable results of the Group companies for the reporting period together with tax adjustments for previous reporting periods, calcu-lated in accordance with the local tax rules, and the change in the deferred tax liabilities and assets.
Income taxes which relate to items recognized in other comprehensive income are recognized in other comprehensive income.
The Group's deferred tax liabilities and assets have been calculated for temporary differences, which have been obtained by comparing the carry-ing amount of each asset or liability item with their tax bases. Deferred tax assets are recognized for deductible temporary differences and tax losses to the extent that it is probable that taxable profit will be available, against which tax credits and deductible temporary differences can be utilized. In calculating deferred tax liabilities and assets, the tax rate used is the tax rate in force at the time of preparing the financial statements or which has been enacted by end of the reporting period.
Changes in tax rates have been taken into account when calculating deferred taxes. The corporate tax rate in Finland is 20.0 percent.
Deferred tax liability has not been recognized in 2025 or 2024 of the undis-tributed earnings of Finnish or foreign subsidiaries as the majority of such earnings can be transferred to the owner without any tax consequences.
Principal temporary differences arise from depreciation and amortiza-tion of property, plant and equipment and intangible assets, defined benefit plans, recognition of net assets of acquired companies at fair value, through other comprehensive income and derivative instruments at fair value, inter-company inventory profits, share-based payments and confirmed tax losses. Other temporary differences in deferred tax assets consist of expenses which were not tax deductible in the reporting period, but will be tax deductible in future. Other temporary differences in deferred tax liablities consist of, among other things, differences between local and IFRS account-ing principles, which create timing differences in recognizing revenue and expenses.\t
Estimates and assessments by Management
Recognition and measurement of deferred tax liabilities and assets include management estimates, especially deferred tax assets arising from confirmed tax losses of group companies or from other temporary differences. Deferred tax assets are recognized for deductible tem-porary differences and tax losses to the extent that it is probable that taxable profit will be available against which tax credits and deductible temporary differences can be utilized. All tax liabilities and assets are reviewed at the end of the reporting period and changes are recognized in profit or loss.
Income taxes
EUR thousand | 2025 | 2024 |
Income tax charge in income statement | ||
Income tax of accounting period | -3,331 | -2,240 |
Income tax of previous years | 464 | -24 |
Deferred tax charge | 2,360 | 1,091 |
Other | -204 | -152 |
Total income tax charge | -712 | -1,325 |
Income taxes recognized in other comprehensive income and in equity | ||
Deferred taxes | ||
Share-based incentive plan recognized in equity | 10 | 14 |
Actuarial gains and losses arising from defined benefit plans | -4 | 264 |
Cash flow hedge | -121 | 254 |
Total taxes recognized in other comprehensive income and in equity | -115 | 531 |
EUR thousand | 2025 | 2024 |
Reconciliation of income tax expense calculated at statutory tax rates with income tax expense in the income statement | ||
Profit before taxes | 1,902 | 3,803 |
Tax at the tax rate applicable to the parent | -380 | -761 |
Difference due to different tax rates of foreign subsidiaries | -458 | -478 |
Tax exempt income and non-deductible expenses | -621 | -236 |
Losses, where no deferred tax benefit is recognized | -245 | -796 |
Deferred taxes recognized during the reporting period in respect of previous years' temporary differences | -63 | 32 |
Withholding taxes and adjustments in respect of current income tax of previous periods | 251 | -194 |
Use of losses for which deferred tax has not been recognized | 804 | 465 |
Deferred tax assets recognized in respect of confirmed losses in previous years | - | 644 |
Income taxes in the income statement | -712 | -1,324 |
Effective tax rate | 37% | 35% |
The Group companies have tax losses totaling EUR 37.4 (37.4) million, which can be applied against future taxable income. A deferred tax asset has not been recognized for all tax losses, due to the uncertainty regarding the extent to which they can be used. Tax losses expire in the period 2026-2035. Some of the losses do not have an expiration date. Over the next two years, the losses will expire by approximately EUR 2.0 million.
EUR thousand | 2025 | 2024 |
Tax assets and tax liabilities | ||
Deferred tax assets | 2,437 | 2,713 |
Assets for current tax | - | - |
Deferred tax liabilities | 6,474 | 9,006 |
Liabilities for current tax | 3,663 | 1,933 |
Accounting policy
The consolidated financial statements include current taxes, which are based on the taxable results of the Group companies for the reporting period together with tax adjustments for previous reporting periods, calcu-lated in accordance with the local tax rules, and the change in the deferred tax liabilities and assets.
Income taxes which relate to items recognized in other comprehensive income are recognized in other comprehensive income.
The Group's deferred tax liabilities and assets have been calculated for temporary differences, which have been obtained by comparing the carry-ing amount of each asset or liability item with their tax bases. Deferred tax assets are recognized for deductible temporary differences and tax losses to the extent that it is probable that taxable profit will be available, against which tax credits and deductible temporary differences can be utilized. In calculating deferred tax liabilities and assets, the tax rate used is the tax rate in force at the time of preparing the financial statements or which has been enacted by end of the reporting period.
Changes in tax rates have been taken into account when calculating deferred taxes. The corporate tax rate in Finland is 20.0 percent.
Deferred tax liability has not been recognized in 2025 or 2024 of the undis-tributed earnings of Finnish or foreign subsidiaries as the majority of such earnings can be transferred to the owner without any tax consequences.
Principal temporary differences arise from depreciation and amortiza-tion of property, plant and equipment and intangible assets, defined benefit plans, recognition of net assets of acquired companies at fair value, through other comprehensive income and derivative instruments at fair value, inter-company inventory profits, share-based payments and confirmed tax losses. Other temporary differences in deferred tax assets consist of expenses which were not tax deductible in the reporting period, but will be tax deductible in future. Other temporary differences in deferred tax liablities consist of, among other things, differences between local and IFRS account-ing principles, which create timing differences in recognizing revenue and expenses.\t
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__56": { "value": "Accounting policy
The consolidated financial statements include current taxes, which are based on the taxable results of the Group companies for the reporting period together with tax adjustments for previous reporting periods, calcu-lated in accordance with the local tax rules, and the change in the deferred tax liabilities and assets.
Income taxes which relate to items recognized in other comprehensive income are recognized in other comprehensive income.
The Group's deferred tax liabilities and assets have been calculated for temporary differences, which have been obtained by comparing the carry-ing amount of each asset or liability item with their tax bases. Deferred tax assets are recognized for deductible temporary differences and tax losses to the extent that it is probable that taxable profit will be available, against which tax credits and deductible temporary differences can be utilized. In calculating deferred tax liabilities and assets, the tax rate used is the tax rate in force at the time of preparing the financial statements or which has been enacted by end of the reporting period.
Changes in tax rates have been taken into account when calculating deferred taxes. The corporate tax rate in Finland is 20.0 percent.
Deferred tax liability has not been recognized in 2025 or 2024 of the undis-tributed earnings of Finnish or foreign subsidiaries as the majority of such earnings can be transferred to the owner without any tax consequences.
Principal temporary differences arise from depreciation and amortiza-tion of property, plant and equipment and intangible assets, defined benefit plans, recognition of net assets of acquired companies at fair value, through other comprehensive income and derivative instruments at fair value, inter-company inventory profits, share-based payments and confirmed tax losses. Other temporary differences in deferred tax assets consist of expenses which were not tax deductible in the reporting period, but will be tax deductible in future. Other temporary differences in deferred tax liablities consist of, among other things, differences between local and IFRS account-ing principles, which create timing differences in recognizing revenue and expenses.\t
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__57-1": { "value": "Accounting policy
The consolidated financial statements include current taxes, which are based on the taxable results of the Group companies for the reporting period together with tax adjustments for previous reporting periods, calcu-lated in accordance with the local tax rules, and the change in the deferred tax liabilities and assets.
Income taxes which relate to items recognized in other comprehensive income are recognized in other comprehensive income.
The Group's deferred tax liabilities and assets have been calculated for temporary differences, which have been obtained by comparing the carry-ing amount of each asset or liability item with their tax bases. Deferred tax assets are recognized for deductible temporary differences and tax losses to the extent that it is probable that taxable profit will be available, against which tax credits and deductible temporary differences can be utilized. In calculating deferred tax liabilities and assets, the tax rate used is the tax rate in force at the time of preparing the financial statements or which has been enacted by end of the reporting period.
Changes in tax rates have been taken into account when calculating deferred taxes. The corporate tax rate in Finland is 20.0 percent.
Deferred tax liability has not been recognized in 2025 or 2024 of the undis-tributed earnings of Finnish or foreign subsidiaries as the majority of such earnings can be transferred to the owner without any tax consequences.
Principal temporary differences arise from depreciation and amortiza-tion of property, plant and equipment and intangible assets, defined benefit plans, recognition of net assets of acquired companies at fair value, through other comprehensive income and derivative instruments at fair value, inter-company inventory profits, share-based payments and confirmed tax losses. Other temporary differences in deferred tax assets consist of expenses which were not tax deductible in the reporting period, but will be tax deductible in future. Other temporary differences in deferred tax liablities consist of, among other things, differences between local and IFRS account-ing principles, which create timing differences in recognizing revenue and expenses.\t
Estimates and assessments by Management
Recognition and measurement of deferred tax liabilities and assets include management estimates, especially deferred tax assets arising from confirmed tax losses of group companies or from other temporary differences. Deferred tax assets are recognized for deductible tem-porary differences and tax losses to the extent that it is probable that taxable profit will be available against which tax credits and deductible temporary differences can be utilized. All tax liabilities and assets are reviewed at the end of the reporting period and changes are recognized in profit or loss.
Reconciliation of deferred tax assets and deferred tax liabilities 2025
Deferred tax assets | 1 January | Exchange difference | Other changes | Change in income statement (- tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Unrealized internal profits, inventory | 99 | 5 | - | 38 | - | - | 142 |
Confirmed tax losses carried forward | 1,985 | - | - | -85 | - | - | 1,900 |
Share-based payments | -17 | - | - | 2 | 10 | - | -5 |
Other temporary differences | 104 | -30 | - | -35 | - | - | 38 |
Currency and interest hedging | 97 | - | - | - | - | -121 | -24 |
Fixed assests (cloud services) | 223 | - | - | 17 | - | - | 240 |
Lease liabilities | 1,518 | - | - | -439 | - | - | 1,079 |
Deferred tax netting | -1,295 | - | 362 | - | - | - | -933 |
Deferred tax assets in statement of financial position | 2,713 | -25 | 362 | -502 | 10 | -121 | 2,437 |
Deferred tax liabilities | 1 January | Exchange difference | Other changes | Change in income statement (+ tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Untaxed reserves | 158 | - | - | -37 | - | - | 121 |
Defined benefit employee benefits | -193 | -8 | - | - | -4 | - | -205 |
Fair value changes of financial assets | 0 | - | - | - | - | - | 0 |
PPA allocation | 3,171 | - | - | -308 | - | - | 2,863 |
Other temporary differences (incl. revenue recognition and capitalized development costs) | 5,922 | 4 | - | -2,155 | - | - | 3,771 |
Currency and interest hedging | -63 | - | - | - | - | -24 | -87 |
Right of use assets | 1,295 | - | - | -362 | - | - | 933 |
Deferred tax netting | -1,285 | - | 362 | - | - | - | -923 |
Deferred tax liabilities in statement of financial position | 9,006 | -4 | 362 | -2,862 | -4 | -24 | 6,474 |
Total change in deferred taxes in income statement (- tax expense) | 2,360 |
Reconciliation of deferred tax assets and deferred tax liabilities 2024
Deferred tax assets | 1 January | Exchange difference | Other changes | Change in income statement (- tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Unrealized internal profits, inventory | 108 | - | - | -9 | - | - | 99 |
Confirmed tax losses carried forward | 1,413 | 38 | - | 534 | - | - | 1,985 |
Share-based payments | -31 | - | 27 | - | -14 | - | -18 |
Other temporary differences | 95 | 3 | 215 | 14 | - | - | 327 |
Currency and interest hedging | - | - | - | - | - | 97 | 97 |
Lease liabilities | 1,528 | - | - | -10 | - | - | 1,518 |
Deferred tax netting | -1,528 | - | 233 | - | - | - | -1,295 |
Deferred tax assets in statement of financial position | 1,585 | 41 | 475 | 529 | -14 | 97 | 2,713 |
Deferred tax liabilities | 1 January | Exchange difference | Other changes | Change in income statement (+ tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Untaxed reserves | 144 | - | - | 15 | - | - | 158 |
Defined benefit employee benefits | 94 | -23 | - | - | -264 | - | -193 |
Fair value changes of financial assets | -1 | - | - | 1 | - | - | 0 |
PPA allocation | 3,484 | - | - | -313 | - | - | 3,171 |
Other temporary differences (incl. revenue recognition and capitalized development costs) | 6,097 | -2 | 120 | -293 | - | - | 5,922 |
Currency and interest hedging | - | - | 94 | - | - | -157 | -63 |
Right of use assets | 1,266 | - | - | 29 | - | - | 1,295 |
Deferred tax netting | -1,528 | - | 243 | - | - | - | -1,285 |
Deferred tax liabilities in statement of financial position | 9,557 | -25 | 458 | -562 | -264 | -157 | 9,006 |
Total change in deferred taxes in income statement (- tax expense) | 1,091 |
Reconciliation of deferred tax assets and deferred tax liabilities 2025
Deferred tax assets | 1 January | Exchange difference | Other changes | Change in income statement (- tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Unrealized internal profits, inventory | 99 | 5 | - | 38 | - | - | 142 |
Confirmed tax losses carried forward | 1,985 | - | - | -85 | - | - | 1,900 |
Share-based payments | -17 | - | - | 2 | 10 | - | -5 |
Other temporary differences | 104 | -30 | - | -35 | - | - | 38 |
Currency and interest hedging | 97 | - | - | - | - | -121 | -24 |
Fixed assests (cloud services) | 223 | - | - | 17 | - | - | 240 |
Lease liabilities | 1,518 | - | - | -439 | - | - | 1,079 |
Deferred tax netting | -1,295 | - | 362 | - | - | - | -933 |
Deferred tax assets in statement of financial position | 2,713 | -25 | 362 | -502 | 10 | -121 | 2,437 |
Deferred tax liabilities | 1 January | Exchange difference | Other changes | Change in income statement (+ tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Untaxed reserves | 158 | - | - | -37 | - | - | 121 |
Defined benefit employee benefits | -193 | -8 | - | - | -4 | - | -205 |
Fair value changes of financial assets | 0 | - | - | - | - | - | 0 |
PPA allocation | 3,171 | - | - | -308 | - | - | 2,863 |
Other temporary differences (incl. revenue recognition and capitalized development costs) | 5,922 | 4 | - | -2,155 | - | - | 3,771 |
Currency and interest hedging | -63 | - | - | - | - | -24 | -87 |
Right of use assets | 1,295 | - | - | -362 | - | - | 933 |
Deferred tax netting | -1,285 | - | 362 | - | - | - | -923 |
Deferred tax liabilities in statement of financial position | 9,006 | -4 | 362 | -2,862 | -4 | -24 | 6,474 |
Total change in deferred taxes in income statement (- tax expense) | 2,360 |
Reconciliation of deferred tax assets and deferred tax liabilities 2024
Deferred tax assets | 1 January | Exchange difference | Other changes | Change in income statement (- tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Unrealized internal profits, inventory | 108 | - | - | -9 | - | - | 99 |
Confirmed tax losses carried forward | 1,413 | 38 | - | 534 | - | - | 1,985 |
Share-based payments | -31 | - | 27 | - | -14 | - | -18 |
Other temporary differences | 95 | 3 | 215 | 14 | - | - | 327 |
Currency and interest hedging | - | - | - | - | - | 97 | 97 |
Lease liabilities | 1,528 | - | - | -10 | - | - | 1,518 |
Deferred tax netting | -1,528 | - | 233 | - | - | - | -1,295 |
Deferred tax assets in statement of financial position | 1,585 | 41 | 475 | 529 | -14 | 97 | 2,713 |
Deferred tax liabilities | 1 January | Exchange difference | Other changes | Change in income statement (+ tax expense) | Recognized in equity | Recognized in other comprehensive income | 31 December |
Untaxed reserves | 144 | - | - | 15 | - | - | 158 |
Defined benefit employee benefits | 94 | -23 | - | - | -264 | - | -193 |
Fair value changes of financial assets | -1 | - | - | 1 | - | - | 0 |
PPA allocation | 3,484 | - | - | -313 | - | - | 3,171 |
Other temporary differences (incl. revenue recognition and capitalized development costs) | 6,097 | -2 | 120 | -293 | - | - | 5,922 |
Currency and interest hedging | - | - | 94 | - | - | -157 | -63 |
Right of use assets | 1,266 | - | - | 29 | - | - | 1,295 |
Deferred tax netting | -1,528 | - | 243 | - | - | - | -1,285 |
Deferred tax liabilities in statement of financial position | 9,557 | -25 | 458 | -562 | -264 | -157 | 9,006 |
Total change in deferred taxes in income statement (- tax expense) | 1,091 |
2.10. Earnings per share
Accounting policy
Basic earnings per share are calculated by dividing the net result attribu-table to owners of the parent by the weighted share-issue adjusted average number of shares outstanding during the year, excluding shares acquired by the Group and held as treasury shares. In calculating diluted earnings per share, the weighted average number of shares takes into account the dilutive effect of the share-based incentive plan.
Earnings per share | ||
EUR thousand | 2025 | 2024 |
Net profit for the year attributable to owners of the parent | 1,191 | 2,478 |
Number of shares(1 | ||
Weighted average number of shares outstanding | 42,039,436 | 42,032,581 |
Diluted weighted average number of shares outstanding | 42,087,349 | 42,210,148 |
Earnings per share from net profit attributable to equity holders of the parent , EUR(1 | ||
Basic and diluted EPS, Group Total | 0.028 | 0.059 |
(1On 22 April 2025, a reverse share split (2:1) was carried out. The number of shares, the share price in the comparison period, and the key figures calculated from them have been adjusted accordingly.
Accounting policy
Basic earnings per share are calculated by dividing the net result attribu-table to owners of the parent by the weighted share-issue adjusted average number of shares outstanding during the year, excluding shares acquired by the Group and held as treasury shares. In calculating diluted earnings per share, the weighted average number of shares takes into account the dilutive effect of the share-based incentive plan.
3.1. Goodwill and intangible assets
Accounting policy
An intangible asset is recognized in the statement of financial position if its cost can be measured reliably and it is probable that the expected future economic benefits attributable to the asset will flow to the Group. Intangible assets are stated at cost and amortized on a straight line basis over their esti-mated useful lives. Intangible assets with indefinite useful life are not amor-tized, but tested annually for impairment. Glaston's intangible rights include patents, trademarks, softwares.
The accounting for cloud computing arrangements depends on whether the cloud-based software classifies as a software intangible asset or a service contract. Those arrangements where the Company does not have control over the underlying software are accounted for as service contracts providing the Company with the right to access the cloud provider\u2019s appli-cation software over the contract period. The ongoing fees to obtain access to the application software, together with related configuration or customi-zation costs incurred, are recognised under Other operating expenses when the services are received. Prepayments paid to the cloud vendor for custom-izing services which are not distinct, are recognized over the contract period.
Acquired intangible assets recognized as assets separately from goodwill are recorded at fair value at the time of the acquisition of the subsidiary.
The estimated useful lives for intangible assets are as follows:
Computer software, patents, licenses, trademarks, product rights | 3-10 years |
Capitalized development expenditure | 5-7 years |
Other intangible assets | 5-10 years |
Research costs are expensed as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products, is capitalized if the product is technically and commercially feasible and the Group has sufficient resources to complete development and to use or sell the intangible asset. Amortization of the capitalized expenditure starts when the asset is available for use. The intangible assets not yet available for use are tested annually for impairment. Research expenditure and development expenditure recog-nized in profit or loss are recognized in operating expenses.
Borrowing costs are capitalized as part of the acquisition cost of intangible assets if the intangible assets are qualifying assets as defined in IAS 23 Bor-rowing Costs. In 2025 or 2024 Glaston did not have any qualifying assets.\t
Goodwill represents the excess of the acquisition cost over fair value of the assets less liabilities of the acquired entity. Goodwill arising from the acquisition of foreign entities of acquisitions is treated as an asset of the foreign entity and translated at the closing exchange rates at the end of the reporting period.
Acquisitions have been recognized in accordance with IFRS 3. Pur-chase consideration has been allocated to intangible assets, if they have met the recognition criteria stated in IAS 38 (Intangible Assets).
In accordance with IFRS 3 Business Combinations, goodwill is not amortized. The carrying amount of goodwill is tested annually for impair-ment. The testing is made more frequently if there are indications of impairment of the goodwill. Any possible impairment loss is recognized immediately in profit or loss.
Glaston\u2019s goodwill has been allocated to the cash generating units of the Group.\t
Glaston has no other intangible assets than goodwill with indefinite useful life. All intangible assets with the exception of goodwill are amor-tized over their useful lives.\t
Estimates and assessments by Management
Useful lives of intangible assets and property, plant and equipment are based on management's best estimate of the period the asset is expected to be available for use by Glaston.
Customer relationships, trademarks, product development assets and other intangible assets acquired in a business combination are measured at fair value at the acquisition date and subsequently amortized over their estimated useful lives.
The actual useful life can, however, differ from the expected useful life resulting in adjustment of annual depreciation or amortization of the asset or in recording of impairment loss.
Glaston capitalizes development costs of new products. In addition to other capitalization criteria, management has to estimate the future economic benefits arising from the development cost. If management estimates that there will not be future economic benefits, the develop-ment cost is recognized in profit or loss. Whether a development cost is capitalized or recognized immediately in profit or loss, it can have an effect on the result of the reporting period. At the end of the reporting period of 2025, Glaston had EUR 8.4 (9.5) million of capitalized develop-ment expenditure and related advance payments of the development expenditure on its statement of financial position.\t
Intangible assets | ||||||
EUR thousand 2025 | ||||||
Capitalized development expenditure | Intangible rights | Customer relations | Goodwill | Advances paid | Total | |
Acquisition cost at beginning of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Other increases | 210 | 294 | - | - | 1,256 | 1,760 |
Decreases | -211 | -243 | - | - | - | -454 |
Reclassifications and other changes | 1,164 | 146 | - | - | -1,403 | -94 |
Exchange differences | -63 | 35 | - | -748 | 0 | -776 |
Acquisition cost at end of year | 36,534 | 16,641 | 11,400 | 51,515 | 1,603 | 117,693 |
Accumulated amortization and impairment at beginning of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Accumulated amortization relating to decreases and transfers | 20 | 242 | - | - | - | 262 |
Amortization during the reporting period | -2,458 | -694 | -1,140 | - | - | -4,292 |
Exchange differences | 47 | 8 | - | - | - | 56 |
Accumulated amortization and impairment at end of year | -29,721 | -14,478 | -7,695 | 6,260 | - | -45,634 |
Carrying amount at end of year | 6,813 | 2,163 | 3,705 | 57,775 | 1,603 | 72,059 |
2024 | ||||||
Acquisition cost at beginning of year | 31,954 | 17,203 | 11,400 | 51,894 | 3,409 | 115,859 |
Other increases | 540 | 159 | - | - | 1,721 | 2,420 |
Decreases | -132 | -1,184 | - | - | - | -1,316 |
Reclassifications and other changes | 3,082 | 297 | - | - | -3,380 | -0 |
Exchange differences | -10 | -66 | - | 370 | -1 | 293 |
Acquisition cost at end of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Accumulated amortization and impairment at beginning of year | -25,269 | -14,375 | -5,415 | 6,260 | - | -38,799 |
Accumulated amortization relating to decreases and transfers | 132 | 969 | - | - | - | 1,101 |
Amortization during the reporting period | -2,164 | -697 | -1,140 | - | - | -4,001 |
Exchange differences | -29 | 68 | - | - | - | 40 |
Accumulated amortization and impairment at end of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Carrying amount at end of year | 8,105 | 2,374 | 4,845 | 58,524 | 1,749 | 75,596 |
Intangible assets | ||||||
EUR thousand 2025 | ||||||
Capitalized development expenditure | Intangible rights | Customer relations | Goodwill | Advances paid | Total | |
Acquisition cost at beginning of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Other increases | 210 | 294 | - | - | 1,256 | 1,760 |
Decreases | -211 | -243 | - | - | - | -454 |
Reclassifications and other changes | 1,164 | 146 | - | - | -1,403 | -94 |
Exchange differences | -63 | 35 | - | -748 | 0 | -776 |
Acquisition cost at end of year | 36,534 | 16,641 | 11,400 | 51,515 | 1,603 | 117,693 |
Accumulated amortization and impairment at beginning of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Accumulated amortization relating to decreases and transfers | 20 | 242 | - | - | - | 262 |
Amortization during the reporting period | -2,458 | -694 | -1,140 | - | - | -4,292 |
Exchange differences | 47 | 8 | - | - | - | 56 |
Accumulated amortization and impairment at end of year | -29,721 | -14,478 | -7,695 | 6,260 | - | -45,634 |
Carrying amount at end of year | 6,813 | 2,163 | 3,705 | 57,775 | 1,603 | 72,059 |
2024 | ||||||
Acquisition cost at beginning of year | 31,954 | 17,203 | 11,400 | 51,894 | 3,409 | 115,859 |
Other increases | 540 | 159 | - | - | 1,721 | 2,420 |
Decreases | -132 | -1,184 | - | - | - | -1,316 |
Reclassifications and other changes | 3,082 | 297 | - | - | -3,380 | -0 |
Exchange differences | -10 | -66 | - | 370 | -1 | 293 |
Acquisition cost at end of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Accumulated amortization and impairment at beginning of year | -25,269 | -14,375 | -5,415 | 6,260 | - | -38,799 |
Accumulated amortization relating to decreases and transfers | 132 | 969 | - | - | - | 1,101 |
Amortization during the reporting period | -2,164 | -697 | -1,140 | - | - | -4,001 |
Exchange differences | -29 | 68 | - | - | - | 40 |
Accumulated amortization and impairment at end of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Carrying amount at end of year | 8,105 | 2,374 | 4,845 | 58,524 | 1,749 | 75,596 |
Accounting policy
An intangible asset is recognized in the statement of financial position if its cost can be measured reliably and it is probable that the expected future economic benefits attributable to the asset will flow to the Group. Intangible assets are stated at cost and amortized on a straight line basis over their esti-mated useful lives. Intangible assets with indefinite useful life are not amor-tized, but tested annually for impairment. Glaston's intangible rights include patents, trademarks, softwares.
The accounting for cloud computing arrangements depends on whether the cloud-based software classifies as a software intangible asset or a service contract. Those arrangements where the Company does not have control over the underlying software are accounted for as service contracts providing the Company with the right to access the cloud provider\u2019s appli-cation software over the contract period. The ongoing fees to obtain access to the application software, together with related configuration or customi-zation costs incurred, are recognised under Other operating expenses when the services are received. Prepayments paid to the cloud vendor for custom-izing services which are not distinct, are recognized over the contract period.
Acquired intangible assets recognized as assets separately from goodwill are recorded at fair value at the time of the acquisition of the subsidiary.
The estimated useful lives for intangible assets are as follows:
Computer software, patents, licenses, trademarks, product rights | 3-10 years |
Capitalized development expenditure | 5-7 years |
Other intangible assets | 5-10 years |
Research costs are expensed as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products, is capitalized if the product is technically and commercially feasible and the Group has sufficient resources to complete development and to use or sell the intangible asset. Amortization of the capitalized expenditure starts when the asset is available for use. The intangible assets not yet available for use are tested annually for impairment. Research expenditure and development expenditure recog-nized in profit or loss are recognized in operating expenses.
Borrowing costs are capitalized as part of the acquisition cost of intangible assets if the intangible assets are qualifying assets as defined in IAS 23 Bor-rowing Costs. In 2025 or 2024 Glaston did not have any qualifying assets.\t
Goodwill represents the excess of the acquisition cost over fair value of the assets less liabilities of the acquired entity. Goodwill arising from the acquisition of foreign entities of acquisitions is treated as an asset of the foreign entity and translated at the closing exchange rates at the end of the reporting period.
Acquisitions have been recognized in accordance with IFRS 3. Pur-chase consideration has been allocated to intangible assets, if they have met the recognition criteria stated in IAS 38 (Intangible Assets).
In accordance with IFRS 3 Business Combinations, goodwill is not amortized. The carrying amount of goodwill is tested annually for impair-ment. The testing is made more frequently if there are indications of impairment of the goodwill. Any possible impairment loss is recognized immediately in profit or loss.
Glaston\u2019s goodwill has been allocated to the cash generating units of the Group.\t
Glaston has no other intangible assets than goodwill with indefinite useful life. All intangible assets with the exception of goodwill are amor-tized over their useful lives.\t
The estimated useful lives for intangible assets are as follows:
Computer software, patents, licenses, trademarks, product rights | 3-10 years |
Capitalized development expenditure | 5-7 years |
Other intangible assets | 5-10 years |
Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life.
Useful lives according to Group accounting policy are as follows:
Buildings and structures | 25-40 years |
Heavy machinery | 10-15 years |
Other machinery and equipment | 3-5 years |
IT equipment | 3-10 years |
Other tangible assets | 5-10 years |
Acquisitions have been recognized in accordance with IFRS 3. Pur-chase consideration has been allocated to intangible assets, if they have met the recognition criteria stated in IAS 38 (Intangible Assets).
In accordance with IFRS 3 Business Combinations, goodwill is not amortized. The carrying amount of goodwill is tested annually for impair-ment. The testing is made more frequently if there are indications of impairment of the goodwill. Any possible impairment loss is recognized immediately in profit or loss.
Glaston\u2019s goodwill has been allocated to the cash generating units of the Group.\t
Glaston has no other intangible assets than goodwill with indefinite useful life. All intangible assets with the exception of goodwill are amor-tized over their useful lives.\t
Intangible assets | ||||||
EUR thousand 2025 | ||||||
Capitalized development expenditure | Intangible rights | Customer relations | Goodwill | Advances paid | Total | |
Acquisition cost at beginning of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Other increases | 210 | 294 | - | - | 1,256 | 1,760 |
Decreases | -211 | -243 | - | - | - | -454 |
Reclassifications and other changes | 1,164 | 146 | - | - | -1,403 | -94 |
Exchange differences | -63 | 35 | - | -748 | 0 | -776 |
Acquisition cost at end of year | 36,534 | 16,641 | 11,400 | 51,515 | 1,603 | 117,693 |
Accumulated amortization and impairment at beginning of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Accumulated amortization relating to decreases and transfers | 20 | 242 | - | - | - | 262 |
Amortization during the reporting period | -2,458 | -694 | -1,140 | - | - | -4,292 |
Exchange differences | 47 | 8 | - | - | - | 56 |
Accumulated amortization and impairment at end of year | -29,721 | -14,478 | -7,695 | 6,260 | - | -45,634 |
Carrying amount at end of year | 6,813 | 2,163 | 3,705 | 57,775 | 1,603 | 72,059 |
2024 | ||||||
Acquisition cost at beginning of year | 31,954 | 17,203 | 11,400 | 51,894 | 3,409 | 115,859 |
Other increases | 540 | 159 | - | - | 1,721 | 2,420 |
Decreases | -132 | -1,184 | - | - | - | -1,316 |
Reclassifications and other changes | 3,082 | 297 | - | - | -3,380 | -0 |
Exchange differences | -10 | -66 | - | 370 | -1 | 293 |
Acquisition cost at end of year | 35,434 | 16,408 | 11,400 | 52,263 | 1,749 | 117,255 |
Accumulated amortization and impairment at beginning of year | -25,269 | -14,375 | -5,415 | 6,260 | - | -38,799 |
Accumulated amortization relating to decreases and transfers | 132 | 969 | - | - | - | 1,101 |
Amortization during the reporting period | -2,164 | -697 | -1,140 | - | - | -4,001 |
Exchange differences | -29 | 68 | - | - | - | 40 |
Accumulated amortization and impairment at end of year | -27,330 | -14,034 | -6,555 | 6,260 | - | -41,659 |
Carrying amount at end of year | 8,105 | 2,374 | 4,845 | 58,524 | 1,749 | 75,596 |
3.2. Property, plant and equipment
Accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor and an appropriate proportion of production overheads. When an asset consists of major components with different useful lives, they are accounted for as separate items. Assets from acquisition of a subsidiary are stated at their fair values at the date of the acquisition.
Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life.
Useful lives according to Group accounting policy are as follows:
Buildings and structures | 25-40 years |
Heavy machinery | 10-15 years |
Other machinery and equipment | 3-5 years |
IT equipment | 3-10 years |
Other tangible assets | 5-10 years |
In 2024, the buildings included the investment property which is part of the plant situated in Tianjin, China. This has been taken into own use since the beginning of 2025.\t
Gain on the sale of property, plant and equipment is included in other operating income and loss in operating expenses.
The costs of major inspections or the overhaul of property, plant and equipment items, that occur at regular intervals and are identified as sep-arate components, are capitalized and depreciated over their useful lives. Ordinary maintenance and repair charges are expensed as incurred.\t
Borrowing costs are capitalized as part of the acquisition cost of intangible assets if the intangible assets are qualifying assets as defined inIAS 23 Borrowing Costs. In 2025 or 2024, Glaston did not have any qualifying assets.\t
Glaston has given liens on chattel as security for liabilities. These are pre-sented in Note 5.8. At the end of 2025 and 2024, Glaston did not have any pledged property, plant and equip-ment or intangible assets as security for liabilities.
At the end of 2025 and 2024, Glaston did not have contractual commitments for the acquisition of property, plant and equipment.\t
In 2025 or 2024, Glaston did not receive any material third party com-pensation for items of property, plant
and equipment that were impaired, lost or given up.\t
In 2024, the buildings included the investment property which is part of the plant situated in Tianjin, China. This has been taken into own use since the beginning of 2025. Rental income in
2025 was EUR 0.0 million. Costs related to the investment property were EUR 0.0 million.\t
Property, plant and equipment EUR thousand 2025 | Land and water areas | Buildings and constructions | Investment property | Machinery and equipment | Other tangible assets | Advances paid and assets under construction | Total property, plant and equipment | Right-of-use assets | Total property, plant and equipment and right-of-use assets |
Acquisition cost at beginning of year | 6,708 | 29,981 | 2,682 | 20,797 | 1,312 | 1,392 | 62,871 | 24,680 | 87,552 |
Other increases | - | 195 | - | 369 | - | 363 | 927 | 975 | 1,902 |
Decreases | - | -142 | - | -735 | - | - | -877 | - | -877 |
Reclassifications and other changes | - | 3,474 | -2,682 | 776 | -108 | -1,606 | -146 | 95 | -51 |
Exchange differences | - | -418 | - | -51 | -21 | - | -490 | - | -490 |
Acquisition cost at end of year | 6,708 | 33,090 | - | 21,156 | 1,182 | 149 | 62,285 | 25,750 | 88,035 |
Accumulated depreciation and impairment at beginning of year | - | -21,347 | -1,226 | -16,438 | -755 | - | -39,766 | -18,668 | -58,434 |
Accumulated depreciation relating to decreases and transfers | - | 142 | - | 734 | - | - | 876 | - | 876 |
Depreciation during the reporting period | - | -1,283 | - | -910 | -196 | - | -2,389 | -2,792 | -5,181 |
Reclassifications and other changes | - | -1,226 | 1,226 | 40 | 153 | - | 192 | - | 192 |
Exchange differences | - | 295 | - | 28 | 17 | - | 341 | - | 341 |
Accumulated depreciation and impairment at end of year | - | -23,419 | - | -16,547 | -780 | - | -40,746 | -21,460 | -62,206 |
Carrying amount at end of year | 6,708 | 9,671 | - | 4,609 | 402 | 149 | 21,539 | 4,290 | 25,829 |
Property, plant and equipment EUR thousand 2024 | Land and water areas | Buildings and constructions | Investment property | Machinery and equipment | Other tangible assets | Advances paid and assets under construction | Total property, plant and equipment | Right-of-use assets | Total property, plant and equipment and right-of-use assets |
Acquisition cost at beginning of year | 6,708 | 30,016 | 2,591 | 19,557 | 1,377 | 1,901 | 62,150 | 21,775 | 83,925 |
Other increases | - | 5 | - | 425 | 36 | 1,235 | 1,700 | 2,051 | 3,751 |
Decreases | - | - | - | -930 | -117 | - | -1,047 | - | -1,047 |
Reclassifications and other changes | - | -0 | - | 1,744 | - | -1,744 | -0 | 854 | 854 |
Exchange differences | - | -40 | 91 | 1 | 16 | - | 68 | - | 68 |
Acquisition cost at end of year | 6,708 | 29,981 | 2,682 | 20,797 | 1,312 | 1,392 | 62,871 | 24,680 | 87,552 |
Accumulated depreciation and impairment at beginning of year | - | -20,619 | -1,050 | -16,578 | -695 | - | -38,942 | -15,920 | -54,861 |
Accumulated depreciation relating to decreases and transfers | - | - | - | 904 | 117 | - | 1,021 | - | 1,021 |
Depreciation during the reporting period | - | -702 | -136 | -769 | -209 | - | -1,815 | -2,722 | -4,538 |
Reclassifications and other changes | - | -46 | - | - | 46 | - | 0 | - | 0 |
Exchange differences | - | 20 | -41 | 5 | -14 | - | -30 | -28 | -57 |
Accumulated depreciation and impairment at end of year | - | -21,347 | -1,226 | -16,438 | -755 | - | -39,766 | -18,669 | -58,436 |
Carrying amount at end of year | 6,708 | 8,634 | 1,456 | 4,359 | 557 | 1,392 | 23,105 | 6,011 | 29,116 |
Carrying amount of machinery and equipment used in production 31 December, 2025 | 3,757 |
Carrying amount of machinery and equipment used in production 31 December, 2024 | 3,292 |
3.3. Right-of-use assets
Accounting policy
All leases are recognized in the lessee\u2019s statement of financial position. The lessee recognizes in the statement of financial position a right-of-use asset item, based on its right to use the asset, and a lease liability item corresponding to the present value of the asset, based on the obligation to make the lease payments. Glaston adopts the exemptions permitted by IFRS 16 for leases of 12 months or less and for assets of low value and continues to treat them as other leases, and their costs are recognized as an expense on a straight-line basis.
Under IFRS 16 Leases standard, the amount of the right-of-use asset and the liability is calculated by discounting future lease payments based on the agreement. At the inception of the lease agreement, a lease liabil-ity is recognized, which is determined as the present value of the rental payables.The discount rate will primarily be the interest rate implicit in the lease, if available. In leases where the implicit interest rate is not specified, the discount rate used is the lessee\u2019s incremental borrowing rate, the components of which are the currency-specific reference rate, the interest margin and any country or currency risk premium. For leases valid until further notice, an estimate is made of the length of the lease.
Leases in the balance sheet | ||||
EUR thousand | ||||
Right-of-use assets | Buildings | Vehicles | Others | Total |
Carrying amount at 1 January 2025 | 4,420 | 1,333 | 259 | 6,011 |
Foreign exchange differences | 2 | -9 | 8 | 1 |
Additions | 255 | 818 | - | 1,073 |
Decrease | - | - | -3 | -3 |
Depreciation expense | -1,705 | -970 | -117 | -2,792 |
Carrying amount at 31 December 2025 | 2,972 | 1,172 | 147 | 4,290 |
Carrying amount at 1 January 2024 | 4,147 | 1,599 | 110 | 5,856 |
Foreign exchange differences | -53 | -20 | 45 | -28 |
Additions | 2,025 | 668 | 212 | 2,905 |
Decrease | - | - | - | - |
Depreciation expense | -1,700 | -914 | -108 | -2,722 |
Carrying amount at 31 December 2024 | 4,420 | 1,333 | 259 | 6,011 |
EUR thousand | ||
Lease liabilities | 2025 | 2024 |
Carrying amount at beginning of the period | 7,089 | 7,113 |
Foreign exchange differences | 0 | -70 |
Additions | 854 | 2,874 |
Interest expense | 335 | 410 |
Rental payment | -3,271 | -3,237 |
Carrying amount at end of the period | 5,007 | 7,089 |
Average incremental borrowing rate applied at the date of initial application was 4.73% for all lease liabilities valid at the end of 2025.
Maturity of lease liabilities is shown in note 5.6.
Leases in profit and loss statement | ||
EUR thousand | 2025 | 2024 |
Depreciation of right-of-use assets | -2,797 | -2,711 |
Interest expense on lease liabilities | -335 | -410 |
Low value lease expense | -344 | -356 |
Short-term lease expense | -161 | -199 |
Total amounts recognised in profit or loss | -3,638 | -3,675 |
Trade and other receivables
EUR thousand | 2025 | 2024 |
Receivables | ||
Trade receivables | 14,802 | 13,431 |
Trade receivables, falling due after 12 months(1 | 1,104 | 1,097 |
Total trade receivables | 15,906 | 14,529 |
Finance leasing receivables | 104 | 100 |
Finance leasing receivables, falling due after 12 months(1 | 73 | 176 |
Prepaid expenses and accrued income | 1,573 | 2,116 |
Prepaid expenses and accrued income, falling due after 12 months (1 | - | 120 |
Other receivables | 3,111 | 3,637 |
Total receivables | 20,766 | 20,678 |
(1In non-current assets
Finance lease receivables
EUR thousand | 2025 | 2024 | ||
Minimun lease receivables | Unearned finance income | Minimun lease receivables | Unearned finance income | |
Finance lease receivables are due as follows | ||||
No later than 1 year | 104 | 7 | 100 | 10 |
Later than 1 year and no later than 5 years | 73 | 4 | 176 | 11 |
Total finance lease receivables | 176 | 11 | 276 | 21 |
Present value of minimum lease receivables | 205 | 303 |
Operating leases as a lessor
Glaston has some other operating lease agreements where the Group acts as lessor. In Finland, premises adjacent to the factory are leased to external parties. The minimum payments for these non-cancellable lease agreements are shown in the table below.\t
2025 | 2024 | |
Minimum future payments of operating leases | ||
Maturity within 1 year | 415 | 558 |
Maturity later than 1 year and not later than 5 years | - | 81 |
Total minimum future payments of operating leases | 415 | 639 |
5.6. Borrowings and lease liabilities
Non-current interest-bearing liabilities
EUR thousand | 2025 | 2024 |
Loans from financial institutions | 28,933 | 22,935 |
Lease liablities | 2,908 | 4,885 |
Total non-current interest-bearing liabilities | 31,841 | 27,820 |
Maturity of long term interest bearing liabilities
1-2 years | 2-3 years | 3-5 years | > 5 years | Total | |
Loans from financial institutions | 2,839 | 26,094 | - | - | 28,933 |
Lease liabilities | 2,096 | 694 | 118 | - | 2,908 |
Total | 4,935 | 26,788 | 118 | - | 31,841 |
Current interest-bearing liabilities
EUR thousand | 2025 | 2024 |
Loans from financial institutions | 2,839 | 2,039 |
Lease liabilities | 2,131 | 2,204 |
Total current interest-bearing liabilities | 4,970 | 4,243 |
Accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor and an appropriate proportion of production overheads. When an asset consists of major components with different useful lives, they are accounted for as separate items. Assets from acquisition of a subsidiary are stated at their fair values at the date of the acquisition.
Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life.
Useful lives according to Group accounting policy are as follows:
Buildings and structures | 25-40 years |
Heavy machinery | 10-15 years |
Other machinery and equipment | 3-5 years |
IT equipment | 3-10 years |
Other tangible assets | 5-10 years |
In 2024, the buildings included the investment property which is part of the plant situated in Tianjin, China. This has been taken into own use since the beginning of 2025.\t
Gain on the sale of property, plant and equipment is included in other operating income and loss in operating expenses.
The costs of major inspections or the overhaul of property, plant and equipment items, that occur at regular intervals and are identified as sep-arate components, are capitalized and depreciated over their useful lives. Ordinary maintenance and repair charges are expensed as incurred.\t
Borrowing costs are capitalized as part of the acquisition cost of intangible assets if the intangible assets are qualifying assets as defined inIAS 23 Borrowing Costs. In 2025 or 2024, Glaston did not have any qualifying assets.\t
Accounting policy
All leases are recognized in the lessee\u2019s statement of financial position. The lessee recognizes in the statement of financial position a right-of-use asset item, based on its right to use the asset, and a lease liability item corresponding to the present value of the asset, based on the obligation to make the lease payments. Glaston adopts the exemptions permitted by IFRS 16 for leases of 12 months or less and for assets of low value and continues to treat them as other leases, and their costs are recognized as an expense on a straight-line basis.
Under IFRS 16 Leases standard, the amount of the right-of-use asset and the liability is calculated by discounting future lease payments based on the agreement. At the inception of the lease agreement, a lease liabil-ity is recognized, which is determined as the present value of the rental payables.The discount rate will primarily be the interest rate implicit in the lease, if available. In leases where the implicit interest rate is not specified, the discount rate used is the lessee\u2019s incremental borrowing rate, the components of which are the currency-specific reference rate, the interest margin and any country or currency risk premium. For leases valid until further notice, an estimate is made of the length of the lease.
3.4. Depreciation, amortization and impairment of assets
Accounting policy
Intangible and tangible assets are stated at cost and amortized on a straight line basis over their estimated useful lives. Intangible assets with indefinite useful life are not amortized, but tested annually for impairment. Estimated useful lives for intangible assets are as follows: computer software, patents, licenses, trademarks, product rights 3 -10 years, Capitalized development expenditure 5 -7 years, Other intangible assets 5-10 years. Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life. Estimated useful lives are as follows: Buildings and structures 25-40 years, Heavy machinery 10-15 years , Other machinery and equipment 3-5 years, IT equipment 3-10 years, Other tangible assets 5-10 years.
Impairment tests for goodwill and intangible assets with indefinite useful life are performed annually for impairment according to IAS 36. Glaston has no other intangible assets than goodwill with indefinite useful life. The bal-ance sheet values of intangible assets in progress are also tested for possible impairment during the reporting period.
If there is, however, an indication of impairment of goodwill, the impair-ment tests for goodwill are performed earlier during the financial year. If there are indications of impairment, the asset's recoverable amount is estimated, based on the higher of an asset's fair value less costs to sell and
value in use. An impairment loss is recognized in profit or loss whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. If subsequently recording the impairment loss a positive change has occurred in the estimates of the recoverable amount, the impairment loss made in prior years is reversed no more than up to the value which would have been determined for the asset, net of amortization or depreciation, had not impairment loss been recognized in prior years. For goodwill, a recog-nized impairment loss is not reversed.
Cash flow projections have been calculated on the basis of reasonable and supportable assumptions. These are based on the most recent financial plans and forecasts that have been approved by the management. Esti-mated cash flows are used for a maximum of five years. Cash flow projec-tions beyond the period covered by the most recent plans and forecasts are estimated by extrapolating the projections.
The discount rate used in arriving at the recoverable amount is the pre-tax weighted average cost of capital, which reflects the current market assess-ment of time as well as value of money and of risks related to the assets and the countries of operation. Also the industry's median capital structure has been taken into acccount in determining the discount rate as well as Glas-ton's cost of debt.
Estimates and assessments by Management
The most significant management estimates relate to impairment tests, which require use of estimates in the calculations. In impairment testing, management estimates recoverable amount of an asset or a cash gen-erating unit. The recoverable amount is the higher of fair value less costs to sell and value in use. When calculating value in use, management estimates the future cash flows as well as the discount rates used in discounting the cash flows. Discount rates reflect current market assess-ments of the time value of money at the time of impairment testing and the risks related to the tested assets. Estimated cash flows include assumptions of, among other things, future prices, production levels, costs and development of the markets. Impairment loss is recorded if the carrying amount exceeds the recoverable amount.
EUR thousand | 2025 | 2024 |
Depreciation and amortization(1 | ||
Intangible assets | ||
Intangible rights | -1,834 | -1,837 |
Capitalized development expenditure | -2,458 | -2,164 |
Property, plant and equipment | ||
Buildings and constructions | -2,992 | -2,529 |
Machinery and equipment | -1,999 | -1,788 |
Other tangible assets | -196 | -209 |
Total depreciation and amortization | -9,478 | -8,527 |
Impairment losses | ||
Intangible assets | ||
Capitalized development expenditure | - | - |
Property, plant and equipment | ||
Machinery and equipment | 54 | -6 |
Total impairment losses | 54 | -6 |
Total depreciation, amortization and impairment | -9,424 | -8,533 |
(1 Depreciation includes depreciation of right-of-use assets presented in Note 3.3
Impairment of assets
The most significant assumptions used in value in use calculations in 2025 | Architecture | Mobility, Display & Solar |
Pre-tax discount rate | 15.3% | 15.7% |
Long-term growth rate | 1.0% | 1.0% |
The most significant assumptions used in value in use calculations in 2024 | Architecture | Mobility, Display & Solar |
Pre-tax discount rate | 14.1% | 14.5% |
Long-term growth rate | 1.0% | 1.0% |
Impairment testing of goodwill
Goodwill EUR million | ||
Cash generating unit | 1 January, 2025 | 31 December, 2025 |
Architecture | 49.7 | 49.1 |
Mobility, Display & Solar | 8.8 | 8.7 |
Total | 58.5 | 57.8 |
Sensitivity analysis
The recoverable amounts used in impairment testing are subject to change if the assumption used in cal-culation of the recoverable amounts changes.
The recoverable amounts of these cash generating units exceed their carrying amounts by 14 (45; 2024) per cent in the Architecture business and by 15 (24; 2024) per cent in the Mobil-ity, Display & Solar business.
A change in an assumption which, other things being equal, would cause the recoverable amount to equal the carrying amount:
2025 | 2024 | |||
Pre-tax discount rate | Value assignedto the assumption | Value Change | Value assigned to the assumption | Value Change |
Architecture | 15.3% | 17.4% | 14.1% | 20.4% |
Mobility, Display & Solar | 15.7% | 18.3% | 14.5% | 18.0% |
2025 | 2024 | |||
Long-term growth rate | Value assignedto the assumption | Value Change | Value assigned to the assumption | Value Change |
Architecture | 1.0% | -1.4% | 1.0% | -6.8% |
Mobility, Display & Solar | 1.0% | -2.0% | 1.0% | -3.6% |
The costs of Architecture business are estimated to be 89 per cent of the estimated net sales during the testing period. Should the costs be 1 percent-age points higher, the recoverable amount, other things being equal, would equal the carrying amount.
The costs of Mobility, Display & Solar business are estimated to be 90 per cent of the estimated net sales during the testing period. Should the costs be 1 percentage points higher, the recoverable amount, other things being equal, would equal the carrying amount.
The most significant management estimates relate to impairment tests, which require use of estimates in the calculations. In impairment testing, management estimates recoverable amount of an asset or a cash gen-erating unit. The recoverable amount is the higher of fair value less costs to sell and value in use. When calculating value in use, management estimates the future cash flows as well as the discount rates used in discounting the cash flows. Discount rates reflect current market assess-ments of the time value of money at the time of impairment testing and the risks related to the tested assets. Estimated cash flows include assumptions of, among other things, future prices, production levels, costs and development of the markets. Impairment loss is recorded if the carrying amount exceeds the recoverable amount.
EUR thousand | 2025 | 2024 |
Depreciation and amortization(1 | ||
Intangible assets | ||
Intangible rights | -1,834 | -1,837 |
Capitalized development expenditure | -2,458 | -2,164 |
Property, plant and equipment | ||
Buildings and constructions | -2,992 | -2,529 |
Machinery and equipment | -1,999 | -1,788 |
Other tangible assets | -196 | -209 |
Total depreciation and amortization | -9,478 | -8,527 |
Impairment losses | ||
Intangible assets | ||
Capitalized development expenditure | - | - |
Property, plant and equipment | ||
Machinery and equipment | 54 | -6 |
Total impairment losses | 54 | -6 |
Total depreciation, amortization and impairment | -9,424 | -8,533 |
(1 Depreciation includes depreciation of right-of-use assets presented in Note 3.3
Accounting policy
Intangible and tangible assets are stated at cost and amortized on a straight line basis over their estimated useful lives. Intangible assets with indefinite useful life are not amortized, but tested annually for impairment. Estimated useful lives for intangible assets are as follows: computer software, patents, licenses, trademarks, product rights 3 -10 years, Capitalized development expenditure 5 -7 years, Other intangible assets 5-10 years. Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life. Estimated useful lives are as follows: Buildings and structures 25-40 years, Heavy machinery 10-15 years , Other machinery and equipment 3-5 years, IT equipment 3-10 years, Other tangible assets 5-10 years.
Impairment tests for goodwill and intangible assets with indefinite useful life are performed annually for impairment according to IAS 36. Glaston has no other intangible assets than goodwill with indefinite useful life. The bal-ance sheet values of intangible assets in progress are also tested for possible impairment during the reporting period.
If there is, however, an indication of impairment of goodwill, the impair-ment tests for goodwill are performed earlier during the financial year. If there are indications of impairment, the asset's recoverable amount is estimated, based on the higher of an asset's fair value less costs to sell and
value in use. An impairment loss is recognized in profit or loss whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. If subsequently recording the impairment loss a positive change has occurred in the estimates of the recoverable amount, the impairment loss made in prior years is reversed no more than up to the value which would have been determined for the asset, net of amortization or depreciation, had not impairment loss been recognized in prior years. For goodwill, a recog-nized impairment loss is not reversed.
Cash flow projections have been calculated on the basis of reasonable and supportable assumptions. These are based on the most recent financial plans and forecasts that have been approved by the management. Esti-mated cash flows are used for a maximum of five years. Cash flow projec-tions beyond the period covered by the most recent plans and forecasts are estimated by extrapolating the projections.
The discount rate used in arriving at the recoverable amount is the pre-tax weighted average cost of capital, which reflects the current market assess-ment of time as well as value of money and of risks related to the assets and the countries of operation. Also the industry's median capital structure has been taken into acccount in determining the discount rate as well as Glas-ton's cost of debt.
Accounting policy
Intangible and tangible assets are stated at cost and amortized on a straight line basis over their estimated useful lives. Intangible assets with indefinite useful life are not amortized, but tested annually for impairment. Estimated useful lives for intangible assets are as follows: computer software, patents, licenses, trademarks, product rights 3 -10 years, Capitalized development expenditure 5 -7 years, Other intangible assets 5-10 years. Depreciation is recorded on a straight-line basis over expected useful lives. Land is not depreciated since it is deemed to have indefinite useful life. Estimated useful lives are as follows: Buildings and structures 25-40 years, Heavy machinery 10-15 years , Other machinery and equipment 3-5 years, IT equipment 3-10 years, Other tangible assets 5-10 years.
Impairment tests for goodwill and intangible assets with indefinite useful life are performed annually for impairment according to IAS 36. Glaston has no other intangible assets than goodwill with indefinite useful life. The bal-ance sheet values of intangible assets in progress are also tested for possible impairment during the reporting period.
If there is, however, an indication of impairment of goodwill, the impair-ment tests for goodwill are performed earlier during the financial year. If there are indications of impairment, the asset's recoverable amount is estimated, based on the higher of an asset's fair value less costs to sell and
value in use. An impairment loss is recognized in profit or loss whenever the carrying amount of an asset or cash generating unit exceeds its recoverable amount. If subsequently recording the impairment loss a positive change has occurred in the estimates of the recoverable amount, the impairment loss made in prior years is reversed no more than up to the value which would have been determined for the asset, net of amortization or depreciation, had not impairment loss been recognized in prior years. For goodwill, a recog-nized impairment loss is not reversed.
Cash flow projections have been calculated on the basis of reasonable and supportable assumptions. These are based on the most recent financial plans and forecasts that have been approved by the management. Esti-mated cash flows are used for a maximum of five years. Cash flow projec-tions beyond the period covered by the most recent plans and forecasts are estimated by extrapolating the projections.
The discount rate used in arriving at the recoverable amount is the pre-tax weighted average cost of capital, which reflects the current market assess-ment of time as well as value of money and of risks related to the assets and the countries of operation. Also the industry's median capital structure has been taken into acccount in determining the discount rate as well as Glas-ton's cost of debt.
4.1. Inventories
Accounting policy
Inventories are reported at the lower of cost and net realizable value. Cost is determined on a first in first out (FIFO) basis, or alternatively, weighted average cost. Net realizable value is the amount which can be realized from the sale of the asset in the normal course of business, after allowing for the estimated costs of completion and the costs necessary to make the sale.
The cost of finished goods and work in process includes materials, direct labor, other direct costs and a systematically allocated appropriate share of variable and fixed production overheads. As Glaston\u2019s machine projects are usually not considered to be qualifying assets as defined in IAS 23, borrowing costs are not included in the cost of inventory in nor-mal machine projects.
Used machines included in the inventory are measured individually so that the carrying amount of a used machine does not exceed the amount that is expected to be received from the sale of the machine. In this measurement the costs arising from converting the used machine back to saleable condition are taken into account.
Prototypes of new machines included in inventory are measured at the lower of cost and net realizable value.
Estimates and assessments by Management
Measurement of inventories includes some management estimates. Inventories are measured at lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Net realizable value is used in testing the recoverable amount of inventories in order to avoid the inventories being carried in excess of amount expected to be realized.
EUR thousand | 2025 | 2024 |
Materials and supplies | ||
Work in process | 15,236 | 20,847 |
Finished goods | 7,845 | 11,665 |
Advances paid | 4,768 | 4,463 |
Total inventories | 125 | 47 |
Total | 27,975 | 37,022 |
Impairment losses of inventory during the period | -1,382 | -111 |
Reversals of impairment losses of inventory during the period | 1,637 | 339 |
Total | 254 | 228 |
Accounting policy
Inventories are reported at the lower of cost and net realizable value. Cost is determined on a first in first out (FIFO) basis, or alternatively, weighted average cost. Net realizable value is the amount which can be realized from the sale of the asset in the normal course of business, after allowing for the estimated costs of completion and the costs necessary to make the sale.
The cost of finished goods and work in process includes materials, direct labor, other direct costs and a systematically allocated appropriate share of variable and fixed production overheads. As Glaston\u2019s machine projects are usually not considered to be qualifying assets as defined in IAS 23, borrowing costs are not included in the cost of inventory in nor-mal machine projects.
Used machines included in the inventory are measured individually so that the carrying amount of a used machine does not exceed the amount that is expected to be received from the sale of the machine. In this measurement the costs arising from converting the used machine back to saleable condition are taken into account.
Prototypes of new machines included in inventory are measured at the lower of cost and net realizable value.
4.2. Trade and other receivables
Accounting policy
In measuring expected credit losses from trade receivables, Glaston applies the IFRS 9 simplified approach, which uses a lifetime expected loss allowance to be assessed and recognized regularly. These impairment losses are recognized in profit or loss. If the impairment loss recognized in the allow-ance account becomes final, trade receivables are decreased with the amount of the impairment loss and allowance account is adjusted respectively.\t
The counterparties of trade receivables do not normally have external credit rating. The credit quality of these receivables is assessed based on assessment of the impairment of financial assets based on expected credit losses and on the payment history of the customers and third party credit reports.
Trade receivables past due are analyzed on company level, in reporting unit level and individually. If the days past due exceed the time limits set in the Group's credit policy, an impairment loss is recog-nized of the trade receivable. The estimate made for doubtful receivables is based on a review of all trade receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses.
The assessment of other receivables is based on an assessment of the impairment of financial assets based on expected credit losses. Other receivables are neither past due nor impaired.
Loan receivables are individually reviewed for possible impairment. These reviews are based on the debtor's financial position and future cash flows. The debtors do not have an external credit rating.
If the counterparty of a trade receivables is insolvent, the trade receivable is individually determined to be impaired even though the trade receivables were not past due. Otherwise the trade receivables not past due are not determined to be impaired.
A finance lease receivable has been recognized when Glaston has leased machinery and equipment for production use, which have been treated as finance leases. The present value of the rental income from the leased machine, discounted at the market interest rate at the time of sale, is recorded as sales revenue. The lessor\u2019s leases are subdivided into finance leases and other leases.
Estimates and assessments by Management
Measurement of trade and other receiva-bles includes some management esti-mates. If management estimates that the carrying amount of a trade or loan receiv-able exceeds its fair value, an impairment loss is recognized. For example, payment defaults or late payments are considered as indications of impairment of the receiv-able.
Trade and other receivables
EUR thousand | 2025 | 2024 |
Receivables | ||
Trade receivables | 14,802 | 13,431 |
Trade receivables, falling due after 12 months(1 | 1,104 | 1,097 |
Total trade receivables | 15,906 | 14,529 |
Finance leasing receivables | 104 | 100 |
Finance leasing receivables, falling due after 12 months(1 | 73 | 176 |
Prepaid expenses and accrued income | 1,573 | 2,116 |
Prepaid expenses and accrued income, falling due after 12 months (1 | - | 120 |
Other receivables | 3,111 | 3,637 |
Total receivables | 20,766 | 20,678 |
(1In non-current assets
Prepaid expenses and accrued income consist mainly of accruals of financial items, fair values of derivative instruments, accruals related to sales, accruals related to insurances and other accruals.
Prepaid expenses and accrued income related to derivative instruments are disclosed in more detail in Note 5.7.
Ageing analysis of trade receivables at 31 December
Past due | ||||||
Carrying amount of trade receivables after recognizing allowance account | Not past due | < 30 days | 31-180 days | 181-360 days | > 360 days | |
2025 | 15,906 | 11,022 | 2,817 | 1,587 | 408 | 72 |
2024 | 14,529 | 10,759 | 2,113 | 1,429 | 185 | 42 |
Impairment losses of trade receivables and changes in allowance account of trade receivables
EUR thousand | |
Allowance account 1 January, 2024 | 1,770 |
Exchange difference | 136 |
Charge for the year | 1,420 |
Utilized | -289 |
Unused amounts reversed | -837 |
Allowance account 31 December, 2024 | 2,200 |
Exchange difference | 113 |
Charge for the year | 1,938 |
Utilized | -163 |
Unused amounts reversed | -680 |
Allowance account 31 December, 2025 | 3,409 |
Impairment losses of trade receivables recognized in profit or loss, net (- income) | |
2025 | 1,290 |
2024 | 615 |
Finance lease receivables
EUR thousand | 2025 | 2024 | ||
Minimun lease receivables | Unearned finance income | Minimun lease receivables | Unearned finance income | |
Finance lease receivables are due as follows | ||||
No later than 1 year | 104 | 7 | 100 | 10 |
Later than 1 year and no later than 5 years | 73 | 4 | 176 | 11 |
Total finance lease receivables | 176 | 11 | 276 | 21 |
Present value of minimum lease receivables | 205 | 303 |
Operating leases as a lessor
Glaston has some other operating lease agreements where the Group acts as lessor. In Finland, premises adjacent to the factory are leased to external parties. The minimum payments for these non-cancellable lease agreements are shown in the table below.\t
2025 | 2024 | |
Minimum future payments of operating leases | ||
Maturity within 1 year | 415 | 558 |
Maturity later than 1 year and not later than 5 years | - | 81 |
Total minimum future payments of operating leases | 415 | 639 |
Accounting policy
In measuring expected credit losses from trade receivables, Glaston applies the IFRS 9 simplified approach, which uses a lifetime expected loss allowance to be assessed and recognized regularly. These impairment losses are recognized in profit or loss. If the impairment loss recognized in the allow-ance account becomes final, trade receivables are decreased with the amount of the impairment loss and allowance account is adjusted respectively.\t
The counterparties of trade receivables do not normally have external credit rating. The credit quality of these receivables is assessed based on assessment of the impairment of financial assets based on expected credit losses and on the payment history of the customers and third party credit reports.
Trade receivables past due are analyzed on company level, in reporting unit level and individually. If the days past due exceed the time limits set in the Group's credit policy, an impairment loss is recog-nized of the trade receivable. The estimate made for doubtful receivables is based on a review of all trade receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses.
The assessment of other receivables is based on an assessment of the impairment of financial assets based on expected credit losses. Other receivables are neither past due nor impaired.
Loan receivables are individually reviewed for possible impairment. These reviews are based on the debtor's financial position and future cash flows. The debtors do not have an external credit rating.
If the counterparty of a trade receivables is insolvent, the trade receivable is individually determined to be impaired even though the trade receivables were not past due. Otherwise the trade receivables not past due are not determined to be impaired.
A finance lease receivable has been recognized when Glaston has leased machinery and equipment for production use, which have been treated as finance leases. The present value of the rental income from the leased machine, discounted at the market interest rate at the time of sale, is recorded as sales revenue. The lessor\u2019s leases are subdivided into finance leases and other leases.
Impairment losses of trade receivables recognized in profit or loss, net (- income)
2025
1,290
2024
615
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__93": { "value": "4.3. Trade payables and other interest-free liabilities
Current interest-free liabilities
EUR thousand | 2025 | 2024 |
Trade payables | 15,134 | 21,100 |
Advances received | 24,904 | 32,411 |
Accrued expenses and deferred income | 13,030 | 13,691 |
Other current interest-free liabilities | 2,144 | 3,039 |
Total current interest-free liabilities | 55,213 | 70,241 |
Accruals mainly consist of cost accruals for machinery deliveries, accrued personnel expenses, accruals related to net sales and purchases, accruals of interests and other accruals.
4.3. Trade payables and other interest-free liabilities
Current interest-free liabilities
EUR thousand | 2025 | 2024 |
Trade payables | 15,134 | 21,100 |
Advances received | 24,904 | 32,411 |
Accrued expenses and deferred income | 13,030 | 13,691 |
Other current interest-free liabilities | 2,144 | 3,039 |
Total current interest-free liabilities | 55,213 | 70,241 |
Accruals mainly consist of cost accruals for machinery deliveries, accrued personnel expenses, accruals related to net sales and purchases, accruals of interests and other accruals.
4.4. Provisions
Accounting policy
A provision is recognized when as a consequence of some previous event there has arisen a legal or constructive obligation, and it is proba-ble that this will cause future expenses and the amount of the obligation can be evaluated reliably.
A restructuring provision is booked only when a detailed and fully compliant plan has been prepared for it and implementation of the plan has been started or notification of it has been made known to those whom the arrangement concerns. The amount recognized as a provi-sion is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If the time value of money is material, provisions are discounted.
A provision for warranties is recognized when the underlying products are sold. The provision is estimated on the basis of historical warranty expense data. Warranty provision is presented as non-current or current provision depending on the length of the warranty period.
The amount and probability of provision requires management to make estimates and assumptions. Actual results may differ from these estimates.\t
Estimates and assessments by Management
If Glaston\u2019s management has assessed that as a result of a past event Glaston has a legal or constructive obligation, and that it is probable, that an outflow of resources will be required to settle the obligation, the management has estimated the amount of provision recognized from the obligation. The amount of the provision is the management\u2019s best estimate of the amount required to settle the obligation at the end of the reporting period. The management\u2019s estimate of the warranty provi-sion is based on previous experience. The estimate of the restructuring provision is based on the restructuring plan in which the locations and personnel concerned have been identified. If possible, external experts have been used in estimating the amount of the provision.
Non-current provisions | |||
EUR thousand | |||
2025 | Warranty provision | Other provisions | Total |
Carrying amount 1 January | 287 | 112 | 399 |
Reclassification | -345 | - | -345 |
Increase in provisions | 1,229 | 11 | 1,239 |
Provisions released during the period | -224 | - | -224 |
Carrying amount 31 December | 946 | 123 | 1,069 |
2024 | |||
Carrying amount 1 January | 244 | 124 | 368 |
Reclassification | -214 | - | -214 |
Increase in provisions | 536 | - | 536 |
Provisions released during the period | -280 | -12 | -291 |
Carrying amount 31 December | 287 | 112 | 399 |
Current provisionsEUR thousand2025 | Warranty provision | Restructuring provision | Other provisions | Total |
Carrying amount 1 January | 3,813 | 1,065 | 80 | 4,958 |
Exchange difference | -44 | 10 | -2 | -35 |
Reclassification | -674 | - | - | -674 |
Increase in provisions | 4,158 | 761 | - | 4,919 |
Provisions used during the period | -831 | -1,220 | -50 | -2,100 |
Provisions released during the period | -2,245 | -70 | - | -2,315 |
Carrying amount 31 December | 4,177 | 546 | 29 | 4,752 |
2024 | ||||
Carrying amount 1 January | 3,072 | 280 | 144 | 3,496 |
Exchange difference | 46 | -22 | 1 | 25 |
Reclassification | -55 | - | - | -55 |
Increase in provisions | 3,236 | 1,200 | 20 | 4,456 |
Provisions used during the period | -1,599 | -393 | -84 | -2,077 |
Provisions released during the period | -887 | - | - | -887 |
Carrying amount 31 December | 3,813 | 1,065 | 80 | 4,958 |
Reclassification refers to a transfer from long-term to short-term or change in classification.
Warranty provisions
Glaston grants to its machine deliv-eries a guarantee period of 1 to 2 years. During the guarantee period Glaston repairs the defects, if any, of the machines and carries the costs of the repairing. The warranty provisions are expected to be realized within the next two years.\t
Restructuring provisions\t
Glaston has recorded restructuring provisions for rationalization measures by closing production units or reduc-ing activities at the units. Restructur-ing provisions only include expenses that are necessarily entailed by the restructuring, and which are not asso-ciated with the on-going activities. The restructuring provision includes,
but is not limited to, provisions for employee benefits related to per-sonnel whose employment has been terminated. For some of the provisions it is not possible to estimate timing of the outflow of economic benefits, for example due to that the timing of such outflows are dependent on the actions of an external party.
Other provisions
Other provisions include, among other things, litigation provisions and provisions for costs, for which third party compensation has not yet been recognized.\t
Accounting policy
A provision is recognized when as a consequence of some previous event there has arisen a legal or constructive obligation, and it is proba-ble that this will cause future expenses and the amount of the obligation can be evaluated reliably.
A restructuring provision is booked only when a detailed and fully compliant plan has been prepared for it and implementation of the plan has been started or notification of it has been made known to those whom the arrangement concerns. The amount recognized as a provi-sion is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If the time value of money is material, provisions are discounted.
A provision for warranties is recognized when the underlying products are sold. The provision is estimated on the basis of historical warranty expense data. Warranty provision is presented as non-current or current provision depending on the length of the warranty period.
The amount and probability of provision requires management to make estimates and assumptions. Actual results may differ from these estimates.\t
5.1. Management of capital
The objective for management of capital is to secure the continuation of operations at all times and to maintain appropriate capital structure. In the capital management planning pro-cess, both current and future needs of the business are taken into consider-ation together with securing flexibility and competitive pricing of financing.
The primary measure for the Group\u2019s capital structure is net gearing. It is calculated as the ratio between net interest-bearing debt to equity. The Group\u2019s equity ratio is also used as a measure for the capital structure. It is calculated as the ratio between equity to the total assets adjusted with advance payments received. Additionally, the Group's liquid funds are monitored regularly.\t
The Group\u2019s loan agreements include covenants and other terms and conditions which are linked to consolidated key figures. If the cove-nant terms are not fulfilled, negotia-tions with the lenders will be initiated. These negotiations may lead to notice of termination of financial agree-ments. The covenants in use are net interest-bearing debt to equity (net gearing ratio) and net interest-bear-ing debt to EBITDA (leverage). Group treasury is responsible for monitoring the covenants and reports the situa-tion regularly to management and the Board of Directors of Glaston Corpo-ration. All covenant terms during the financial year have been met.\t
EUR thousand | 2025 | 2024 |
Interest-bearing net debt | ||
Non-current interest-bearing liabilities | 31,841 | 27,820 |
Current interest-bearing liabilities | 4,970 | 4,243 |
Cash and cash equivalents | -8,856 | -12,283 |
Total | 27,955 | 19,779 |
Equity | ||
Attributable to owners of the parent | 63,839 | 66,844 |
Total | 63,839 | 66,844 |
Total assets | 172,359 | 186,527 |
Advances received | -24,904 | -32,411 |
Total | 147,455 | 154,116 |
Equity ratio, % | 43.3% | 43.4% |
Net gearing, % | 43.8% | 29.6% |
The consolidated equity and thus the capital structure is decreased by dividends and return of capital paid and acquisition of Glaston Corporation's own shares. The equity can be increased by disposal of own shares and share issues. Equity is also affected by the result for the reporting period, as well as by changes in fair value reserve and exchange differences included in equity.
5.2. Cash and cash equivalents
Accounting policy
Cash and cash equivalents comprise cash and other financial assets. Other financial assets are highly liquid investments with remaining maturities at the date of acquisition of three months or less. Bank over-drafts are included in current interest-bearing liabilities.
EUR thousand | 2025 | 2024 |
Cash and bank | 8,856 | 12,283 |
Total cash and cash equivalents | 8,856 | 12,283 |
Accounting policy
Cash and cash equivalents comprise cash and other financial assets. Other financial assets are highly liquid investments with remaining maturities at the date of acquisition of three months or less. Bank over-drafts are included in current interest-bearing liabilities.
5.3. Equity
Accounting policy
Other restricted equity reserves\t
Other restricted equity funds include restricted capital not included in the share capital of subsidiaries.\t
Other unrestricted equity reserves\t
Other unrestricted equity reserve includes changes in the fair values of investments measured at fair value through other comprehensive income and changes in the fair value of instruments used in cash flow hedging if the hedge is effective and meets the criteria of hedge accounting requirements.
Reserve for invested unrestricted equity\t
The invested unrestricted equity fund includes equity investments and shares subscription price.\t
Treasury shares*\tTreasury shares acquired by the company and the related costs are present-ed as a deduction of equity. Gain or loss on surrender of treasury shares are recorded in reserve for invested unrestricted equity net of tax.\t
Exchange difference\t
In the consolidated financial statements, statements of profit or loss, state-ments of comprehensive income and statements of cash flows of foreign subsidiaries have been translated into euros using the average exchange
rates of the reporting period and the statements of financial positions have been translated using the closing exchange rates at the end of the reporting period.
Exchange difference arising from translating the statements of profit or loss, statements of comprehensive income and statements of financial position using the different exchange rates is recognized as other com-prehensive income and included in retained earnings in equity. Exchange differences arising from the translation of the net investments in foreign subsidiaries and associates in non-euro-area are also recognized in other comprehensive income and included in equity as cumulative exchange dif-ference.
On the disposal of all or part of a foreign subsidiary or an associate, the cumulative amount or proportionate share of the exchange difference is reclassified from equity to profit or loss as a reclassification item in the same period in which the gain or loss on disposal is recognized.\t
Dividends and return of capital *\t
Dividends or return of capital proposed by the Board of Directors are not recorded in the financial statements until they have been approved by the shareholders at the Annual General Meeting.
*On 22 April 2025, a reverse share split (2:1) was carried out. The number of shares have been adjusted accordingly.\t
Share capital and number of shares
Shares and Voting Rights\t
Glaston Corporation has one class of shares. The number of outstanding shares is 42,145,805 and each share carries one vote at general meetings of shareholders. On December 31, 2025, Glaston Corporation's share capital amounted to EUR 12,696,000. The share has no nominal value. The share's counter book value is EUR 0.30 per share. Glaston\u2019s shares are registered in the book-entry securities system maintained by Euroclear Finland Ltd. The shares are subject to the redemption clause of the Articles of association.\t
Number of shares and treasury shares | 2025 | 2024 |
Number of shares (registered)(1 | ||
Number of shares 1 January | 42,145,805 | 42,145,805 |
Number of shares 31 December | 42,145,805 | 42,145,805 |
Treasury shares 1.January | 116,933 | 125,000 |
Disposal of treasury shares | -16,200 | -8,067 |
Treasury shares 31 December | 100,733 | 116,933 |
Number of shares excluding treasury shares 31 December | 42,045,072 | 42,028,873 |
The company has an agreement with an external service provider for the man-agement of key personnel's share-based incentive scheme and the acquisi-tion of shares. On 31 December 2025, there were 100,733 shares on the balance sheet. These shares are the property of EAI Hedging 3 Oy until the shares are handed over to the participants within the incentive systems.
The legal ownership of EAI Hedging 3 Oy is with an external service provider, but based on the agreement, Glaston Oyj Abp actually exercises control over the arrangement, which is why the holding company is combined with the IFRS consolidated financial statements as a structured community.
Equity attributable to owners of the parent per share | 2025 | 2024 |
Equity attributable to owners of the parent, EUR thousand | 63,839 | 66,844 |
Number of shares excluding treasury shares | 42,045,072 | 42,028,873 |
Equity attributable to owners of the parent per share, EUR | 1.52 | 1.59 |
Distribution of profit | ||
Return of capital per share, EUR | - | 0.06 |
Accounting policy
Other restricted equity reserves\t
Other restricted equity funds include restricted capital not included in the share capital of subsidiaries.\t
Other unrestricted equity reserves\t
Other unrestricted equity reserve includes changes in the fair values of investments measured at fair value through other comprehensive income and changes in the fair value of instruments used in cash flow hedging if the hedge is effective and meets the criteria of hedge accounting requirements.
Reserve for invested unrestricted equity\t
The invested unrestricted equity fund includes equity investments and shares subscription price.\t
Treasury shares*\tTreasury shares acquired by the company and the related costs are present-ed as a deduction of equity. Gain or loss on surrender of treasury shares are recorded in reserve for invested unrestricted equity net of tax.\t
Exchange difference\t
In the consolidated financial statements, statements of profit or loss, state-ments of comprehensive income and statements of cash flows of foreign subsidiaries have been translated into euros using the average exchange
rates of the reporting period and the statements of financial positions have been translated using the closing exchange rates at the end of the reporting period.
Exchange difference arising from translating the statements of profit or loss, statements of comprehensive income and statements of financial position using the different exchange rates is recognized as other com-prehensive income and included in retained earnings in equity. Exchange differences arising from the translation of the net investments in foreign subsidiaries and associates in non-euro-area are also recognized in other comprehensive income and included in equity as cumulative exchange dif-ference.
On the disposal of all or part of a foreign subsidiary or an associate, the cumulative amount or proportionate share of the exchange difference is reclassified from equity to profit or loss as a reclassification item in the same period in which the gain or loss on disposal is recognized.\t
Number of shares and treasury shares | 2025 | 2024 |
Number of shares (registered)(1 | ||
Number of shares 1 January | 42,145,805 | 42,145,805 |
Number of shares 31 December | 42,145,805 | 42,145,805 |
Treasury shares 1.January | 116,933 | 125,000 |
Disposal of treasury shares | -16,200 | -8,067 |
Treasury shares 31 December | 100,733 | 116,933 |
Number of shares excluding treasury shares 31 December | 42,045,072 | 42,028,873 |
The company has an agreement with an external service provider for the man-agement of key personnel's share-based incentive scheme and the acquisi-tion of shares. On 31 December 2025, there were 100,733 shares on the balance sheet. These shares are the property of EAI Hedging 3 Oy until the shares are handed over to the participants within the incentive systems.
The legal ownership of EAI Hedging 3 Oy is with an external service provider, but based on the agreement, Glaston Oyj Abp actually exercises control over the arrangement, which is why the holding company is combined with the IFRS consolidated financial statements as a structured community.
Number of shares and treasury shares | 2025 | 2024 |
Number of shares (registered)(1 | ||
Number of shares 1 January | 42,145,805 | 42,145,805 |
Number of shares 31 December | 42,145,805 | 42,145,805 |
Treasury shares 1.January | 116,933 | 125,000 |
Disposal of treasury shares | -16,200 | -8,067 |
Treasury shares 31 December | 100,733 | 116,933 |
Number of shares excluding treasury shares 31 December | 42,045,072 | 42,028,873 |
The company has an agreement with an external service provider for the man-agement of key personnel's share-based incentive scheme and the acquisi-tion of shares. On 31 December 2025, there were 100,733 shares on the balance sheet. These shares are the property of EAI Hedging 3 Oy until the shares are handed over to the participants within the incentive systems.
The legal ownership of EAI Hedging 3 Oy is with an external service provider, but based on the agreement, Glaston Oyj Abp actually exercises control over the arrangement, which is why the holding company is combined with the IFRS consolidated financial statements as a structured community.
Number of shares and treasury shares | 2025 | 2024 |
Number of shares (registered)(1 | ||
Number of shares 1 January | 42,145,805 | 42,145,805 |
Number of shares 31 December | 42,145,805 | 42,145,805 |
Treasury shares 1.January | 116,933 | 125,000 |
Disposal of treasury shares | -16,200 | -8,067 |
Treasury shares 31 December | 100,733 | 116,933 |
Number of shares excluding treasury shares 31 December | 42,045,072 | 42,028,873 |
The company has an agreement with an external service provider for the man-agement of key personnel's share-based incentive scheme and the acquisi-tion of shares. On 31 December 2025, there were 100,733 shares on the balance sheet. These shares are the property of EAI Hedging 3 Oy until the shares are handed over to the participants within the incentive systems.
The legal ownership of EAI Hedging 3 Oy is with an external service provider, but based on the agreement, Glaston Oyj Abp actually exercises control over the arrangement, which is why the holding company is combined with the IFRS consolidated financial statements as a structured community.
Dividends and return of capital *\t
Dividends or return of capital proposed by the Board of Directors are not recorded in the financial statements until they have been approved by the shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__107": { "value": "Dividends and return of capital *\t
Dividends or return of capital proposed by the Board of Directors are not recorded in the financial statements until they have been approved by the shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__102": { "value": "Share capital and number of shares
Shares and Voting Rights\t
Glaston Corporation has one class of shares. The number of outstanding shares is 42,145,805 and each share carries one vote at general meetings of shareholders. On December 31, 2025, Glaston Corporation's share capital amounted to EUR 12,696,000. The share has no nominal value. The share's counter book value is EUR 0.30 per share. Glaston\u2019s shares are registered in the book-entry securities system maintained by Euroclear Finland Ltd. The shares are subject to the redemption clause of the Articles of association.\t
Number of shares and treasury shares | 2025 | 2024 |
Number of shares (registered)(1 | ||
Number of shares 1 January | 42,145,805 | 42,145,805 |
Number of shares 31 December | 42,145,805 | 42,145,805 |
Treasury shares 1.January | 116,933 | 125,000 |
Disposal of treasury shares | -16,200 | -8,067 |
Treasury shares 31 December | 100,733 | 116,933 |
Number of shares excluding treasury shares 31 December | 42,045,072 | 42,028,873 |
5.4. Management of financial risks
5.4.1. Financial risk management
The main objectives for financial risk management within Glaston are to secure operational continuity, sup-port the achievement of operational objectives and to implement treasury functions cost-effectively utilizing the Group\u2019s economies of scale.
The Group\u2019s treasury functions have been centralised to the parent which is responsible for relations with financial institutions, long-term financ-ing arrangements and the investment of liquid assets as well as the Group\u2019s internal funding allocations accord-ing to the liquidity needs of different group companies. Group Treasury cooperates with the Group compa-nies to identify the risks and provides financial services for the Group companies in order to manage these identified risks.
The management of financial risks in Glaston Group is conducted in accordance with the Glaston Group's Treasury Policy approved by the Board of Directors of Glaston Corporation. It is the responsibility of the CFO and
Group Treasury to propose amend-ments to this policy as conditions within the Group and on the financial markets change. Group Treasury is responsible for monitoring com-pliance with the Treasury Policy as well as for presenting the need for changes to Treasury Policy to the par-ent\u2019s Board of Directors.
The Group\u2019s financial risks consist of foreign exchange, interest rate, credit, counterparty and liquidity risks. Due to its international operations the Group is exposed to risks arising from foreign exchange rate fluctuations. The effects of interest rate changes on the Group's annual result create an interest rate risk. Credit and coun-terparty risk primarily consists of risk related to credit granted to custom-ers. Liquidity risk is defined as the risk that the Group\u2019s funds and borrowing facilities become insufficient to meet the needs of the business or that extra costs are incurred in order to arrange the financing needed.Also, investment of liquid funds is managed in accordance with the
Treasury Policy. Liquid assets are invested in low risk instruments and only counterparties that possess good credit-worthiness are accepted.
5.4.2. Market risks
5.4.2.1. Foreign exchange risk\t
The Group operates internationally and is therefore exposed to transac-tion and translation risks arising from fluctuations in foreign exchange rates which may have an effect on profit or loss and financial position. Transaction risks arise from cash flows generated by purchase and sales activities while translation risks arise from converting items in the statements of profit or loss and the statements of financial position of non-euro subsidiaries into the Group\u2019s reporting currency.
The invoicing currency for a large proportion of the Group\u2019s deliveries is the euro, which is also the Group\u2019s reporting currency. The most signifi-cant foreign exchange risk arises from exchange rate fluctuations between the euro and the US dollar, but the Group may also have significant
exposures in Chinese Yuan, British Pound and Swiss Franc. The US dollar accounted for approximately 33 per cent of the net sales of in 2025 (31 per cent). The Euro and US dollar together accounted for approximately 76 per cent of the invoicing in 2025 (86 per cent).
The Group did not have foreign currency denominated loans. The Group's internal loans are either short-term working capital credit facilities or subordinated long-term loans denominated on a case-by-case basis either in the local currency of the foreign subsidiary or in the reporting currency of the Group.
The objective for foreign exchange risk management is primarily to secure the planned result of Group companies from unexpected cur-rency fluctuations. Possible hedging of foreign exchange risk is conducted in accordance with the Treasury Policy and the Group companies are responsible for reporting their respec-tive foreign currency items. In 2025, large orders in USD and GBP and the
most probable orders by case-by-case assessment were hedged by currency forward contracts. Cash flow hedging was based on IFRS 9 hedge accounting in 2025. Cash flow hedging is presented in note 5.7. The Group has not hedged net investments in foreign entities nor internal loans.
For the sensitivity analysis as
defined in IFRS 7, a possible +/- 10 per cent change in the main currencies was assessed, with all other factors remaining unchanged. The sensitiv-ity analysis is based on the foreign currency denominated assets and liabilities as of 31 December 2025. The analysis takes into consideration the impact of foreign exchange deriva-
tives, if such instruments have been used, which offsets the effects of changes in foreign exchange rates.
In the table below, the effect of the main currencies on consolidated result before taxes has been analysed. Only risks that are related to finan-cial instruments are included in the analysis.
2025 | Change in currency rate, Gross position | Change in currency rate, Net position | |||||
EUR thousand | Gross position | Currency Forwards nominal value | Net position | -10 per cent | +10 per cent | -10 per cent | + 10 per cent |
USD/EUR | -14,365 | 8,224 | -6,141 | -1,596 | 1,306 | -682 | 558 |
CHF/EUR | -190 | - | -190 | -21 | 17 | -21 | 17 |
CNY/EUR | -12,178 | - | -12,178 | -1,353 | 1,107 | -1,353 | 1,107 |
GBP/EUR | -13,485 | 345 | -13,140 | -1,498 | 1,226 | -1,460 | 1,195 |
-40,218 | 8,568 | -31,650 |
5.4.2.2. Interest rate risk
Possible changes in the interest rates cause a risk that will affect the result of the Group. The objective of interest risk management is to minimize, if necessary, the effect of interest rate fluctuations on the Group\u2019s annual result.
As a measurement for the man-agement of interest rate risk an effect of the 1 per cent changed of interest rates to interest expenses for the period of 12 months has been used. At the end of 2025 this effect was EUR 220 thousand (EUR 30 thousand).
On 31 December 2025, the Group\u2019s interest-bearing net debt mainly con-sisted of loans agreed with lenders in the financing agreement signed in 2025. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting.
For the sensitivity analysis as defined by IFRS 7, a possible +1 / -0.5 percentage point change in the interest rates was assessed. The effect of the change on the Group\u2019s result before taxes given the level of debt with floating interest rates on 31 December 2025 is EUR -0.22 / +0.11 (-0.03 / +0.02) million and the effect
to Group's equity is EUR +0.28 / -0.14 million.
5.4.3. Credit and counterparty risk
The Group becomes exposed to credit and counterparty risks when it grants payment time to the custom-ers. The credit worthiness of these counterparties may decrease and affect the Group\u2019s result. Credit risk management is conducted in accord-ance with the Group\u2019s Credit Manage-ment Policy.
The objective for credit risk man-agement is to reduce this risk as much as possible without compromising the flexibility needed by different busi-ness functions. Risk management is performed together with the business management with the objective to avoid major credit risk concentrations and to verify, that sufficient guaran-tees and collaterals are received. The Group reduces its credit risk by using letters of credit and various types of guarantees received from the cus-tomers to secure the receivables. In addition, the Group uses advance payments to reduce risk and to accel-erate fund inflows. Glaston is closely monitoring and managing its liquidity and financial position. Credit risks are mitigated through stringent customer payment terms with significant cus-
tomer advances. Orders are only reg-istered in the order book upon receipt of a customer advance. In measur-ing expected credit losses, Glaston applies the IFRS 9 simplified approach, which uses a lifetime expected loss allowance from trade receivables to be assessed and recognized regularly.
At the end of 2025 20.5 (27.1) per cent of Group\u2019s trade receivables were secured by LCs and other collat-erals received.
The Group\u2019s client base is diversi-fied over several different geograph-ical areas and customer segments which reduces major concentrations of credit risk. The largest single cus-tomer\u2019s share of the Group\u2019s receiv-ables is not significant in terms of risk management. Significant unfavour-able changes in the level of invest-ment demand might, however, cause changes in the development of the Group\u2019s credit risk.
5.4.3.1. Trade receivables\t
The quality of trade receivables is assessed by each Group company based on the Group\u2019s Credit Manage-ment Policy. Based on these assess-ments, impairment losses on trade receivables are recognized in accord-ance with the Credit Policy.
The total carrying amount of trade
receivables on 31 December 2025 was EUR 15.9 million (EUR 14.5 million).
Ageing analysis and changes in allowance account of trade receiva-bles are presented in Note 4.2. to the consolidated financial statements.
5.4.4. Liquidity risk
Liquidity risk is defined as the risk that the Group\u2019s funds and borrowing facilities become insufficient to meet the business needs or that significant extra costs are incurred in order to arrange the financing needed.
Liquidity risk is managed through effective use of advance payments in order to reduce the amount of work-ing capital tied up in the operations. A special focus is set on the working capital management and the develop-ment is monitored regularly. Short- and long-term cash planning is part of Group companies\u2019 operational activity together with the Group Treasury. As a measurement for the liquidity risk are the Group's liquid funds and unused credit facilities. Group Treasury reports the Group\u2019s liquidity position regularly to the management and to the Board of Directors of Glaston Corporation
Glaston Corporation has agreed to extend its long-term financing agree-ment by three years in December 2025. The financing agreement con-
sists of EUR 32 million long-term loans and a EUR 25 million Revolving Credit Facility. The agreement includes two one-year options for extension of the loan period. In the loan margin of the financing agreement for the Revolving Credit Facility, the intention is to take into account the achievement of Glas-ton's sustainability targets annually. These will be agreed by 30 June 2026. The covenant terms of the financing package are described in the note 5.1. Management of capital.
Committed credit facilities\t
EUR million | In use | Unused | Total |
Committed credit facilities 31.12.2025 | 5.0 | 20.0 | 25.0 |
Committed credit facilities 31.12.2024 | 15.0 | 10.0 | 25.0 |
Maturity analysis of financial liabilities 31 December 2025
EUR thousand | Maturing in | ||||
Maturity of financial liabilities | Carrying amount | Contractual cash flows | < 12 months | 1-2 years | > 2 years |
Financial liabilities | |||||
Loans from financial institutions | 31,694 | 35,411 | 4,047 | 3,937 | 27,427 |
Other interest-bearing loans | 78 | 80 | 40 | 40 | - |
Lease liabilities | 5,007 | 5,319 | 2,373 | 2,021 | 925 |
Trade payables | 15,134 | 15,134 | 15,134 | - | - |
Total | 51,913 | 55,944 | 21,594 | 5,998 | 28,352 |
Maturity analysis of financial liabilities 31 December 2024
EUR thousand | Maturing in | ||||
Maturity of financial liabilities | Carrying amount | Contractual cash flows | < 12 months | 1-2 years | > 2 years |
Financial liabilities | |||||
Loans from financial institutions | 24,856 | 27,745 | 3,126 | 1,080 | 23,540 |
Other interest-bearing loans | 118 | 120 | 40 | 40 | 40 |
Lease liabilities | 7,089 | 7,601 | 2,822 | 2,264 | 2,515 |
Trade payables | 21,100 | 21,100 | 21,100 | - | - |
Total | 53,163 | 56,566 | 27,088 | 3,384 | 26,094 |
5.4.2. Market risks
5.4.2.1. Foreign exchange risk\t
The Group operates internationally and is therefore exposed to transac-tion and translation risks arising from fluctuations in foreign exchange rates which may have an effect on profit or loss and financial position. Transaction risks arise from cash flows generated by purchase and sales activities while translation risks arise from converting items in the statements of profit or loss and the statements of financial position of non-euro subsidiaries into the Group\u2019s reporting currency.
The invoicing currency for a large proportion of the Group\u2019s deliveries is the euro, which is also the Group\u2019s reporting currency. The most signifi-cant foreign exchange risk arises from exchange rate fluctuations between the euro and the US dollar, but the Group may also have significant
exposures in Chinese Yuan, British Pound and Swiss Franc. The US dollar accounted for approximately 33 per cent of the net sales of in 2025 (31 per cent). The Euro and US dollar together accounted for approximately 76 per cent of the invoicing in 2025 (86 per cent).
The Group did not have foreign currency denominated loans. The Group's internal loans are either short-term working capital credit facilities or subordinated long-term loans denominated on a case-by-case basis either in the local currency of the foreign subsidiary or in the reporting currency of the Group.
The objective for foreign exchange risk management is primarily to secure the planned result of Group companies from unexpected cur-rency fluctuations. Possible hedging of foreign exchange risk is conducted in accordance with the Treasury Policy and the Group companies are responsible for reporting their respec-tive foreign currency items. In 2025, large orders in USD and GBP and the
most probable orders by case-by-case assessment were hedged by currency forward contracts. Cash flow hedging was based on IFRS 9 hedge accounting in 2025. Cash flow hedging is presented in note 5.7. The Group has not hedged net investments in foreign entities nor internal loans.
For the sensitivity analysis as
defined in IFRS 7, a possible +/- 10 per cent change in the main currencies was assessed, with all other factors remaining unchanged. The sensitiv-ity analysis is based on the foreign currency denominated assets and liabilities as of 31 December 2025. The analysis takes into consideration the impact of foreign exchange deriva-
tives, if such instruments have been used, which offsets the effects of changes in foreign exchange rates.
In the table below, the effect of the main currencies on consolidated result before taxes has been analysed. Only risks that are related to finan-cial instruments are included in the analysis.
2025 | Change in currency rate, Gross position | Change in currency rate, Net position | |||||
EUR thousand | Gross position | Currency Forwards nominal value | Net position | -10 per cent | +10 per cent | -10 per cent | + 10 per cent |
USD/EUR | -14,365 | 8,224 | -6,141 | -1,596 | 1,306 | -682 | 558 |
CHF/EUR | -190 | - | -190 | -21 | 17 | -21 | 17 |
CNY/EUR | -12,178 | - | -12,178 | -1,353 | 1,107 | -1,353 | 1,107 |
GBP/EUR | -13,485 | 345 | -13,140 | -1,498 | 1,226 | -1,460 | 1,195 |
-40,218 | 8,568 | -31,650 |
5.4.2.2. Interest rate risk
Possible changes in the interest rates cause a risk that will affect the result of the Group. The objective of interest risk management is to minimize, if necessary, the effect of interest rate fluctuations on the Group\u2019s annual result.
As a measurement for the man-agement of interest rate risk an effect of the 1 per cent changed of interest rates to interest expenses for the period of 12 months has been used. At the end of 2025 this effect was EUR 220 thousand (EUR 30 thousand).
On 31 December 2025, the Group\u2019s interest-bearing net debt mainly con-sisted of loans agreed with lenders in the financing agreement signed in 2025. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting.
For the sensitivity analysis as defined by IFRS 7, a possible +1 / -0.5 percentage point change in the interest rates was assessed. The effect of the change on the Group\u2019s result before taxes given the level of debt with floating interest rates on 31 December 2025 is EUR -0.22 / +0.11 (-0.03 / +0.02) million and the effect
to Group's equity is EUR +0.28 / -0.14 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__113": { "value": "5.4.3. Credit and counterparty risk
The Group becomes exposed to credit and counterparty risks when it grants payment time to the custom-ers. The credit worthiness of these counterparties may decrease and affect the Group\u2019s result. Credit risk management is conducted in accord-ance with the Group\u2019s Credit Manage-ment Policy.
The objective for credit risk man-agement is to reduce this risk as much as possible without compromising the flexibility needed by different busi-ness functions. Risk management is performed together with the business management with the objective to avoid major credit risk concentrations and to verify, that sufficient guaran-tees and collaterals are received. The Group reduces its credit risk by using letters of credit and various types of guarantees received from the cus-tomers to secure the receivables. In addition, the Group uses advance payments to reduce risk and to accel-erate fund inflows. Glaston is closely monitoring and managing its liquidity and financial position. Credit risks are mitigated through stringent customer payment terms with significant cus-
tomer advances. Orders are only reg-istered in the order book upon receipt of a customer advance. In measur-ing expected credit losses, Glaston applies the IFRS 9 simplified approach, which uses a lifetime expected loss allowance from trade receivables to be assessed and recognized regularly.
At the end of 2025 20.5 (27.1) per cent of Group\u2019s trade receivables were secured by LCs and other collat-erals received.
The Group\u2019s client base is diversi-fied over several different geograph-ical areas and customer segments which reduces major concentrations of credit risk. The largest single cus-tomer\u2019s share of the Group\u2019s receiv-ables is not significant in terms of risk management. Significant unfavour-able changes in the level of invest-ment demand might, however, cause changes in the development of the Group\u2019s credit risk.
5.4.3.1. Trade receivables\t
The quality of trade receivables is assessed by each Group company based on the Group\u2019s Credit Manage-ment Policy. Based on these assess-ments, impairment losses on trade receivables are recognized in accord-ance with the Credit Policy.
The total carrying amount of trade
receivables on 31 December 2025 was EUR 15.9 million (EUR 14.5 million).
Ageing analysis and changes in allowance account of trade receiva-bles are presented in Note 4.2. to the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__114": { "value": "5.4.4. Liquidity risk
Liquidity risk is defined as the risk that the Group\u2019s funds and borrowing facilities become insufficient to meet the business needs or that significant extra costs are incurred in order to arrange the financing needed.
Liquidity risk is managed through effective use of advance payments in order to reduce the amount of work-ing capital tied up in the operations. A special focus is set on the working capital management and the develop-ment is monitored regularly. Short- and long-term cash planning is part of Group companies\u2019 operational activity together with the Group Treasury. As a measurement for the liquidity risk are the Group's liquid funds and unused credit facilities. Group Treasury reports the Group\u2019s liquidity position regularly to the management and to the Board of Directors of Glaston Corporation
Glaston Corporation has agreed to extend its long-term financing agree-ment by three years in December 2025. The financing agreement con-
sists of EUR 32 million long-term loans and a EUR 25 million Revolving Credit Facility. The agreement includes two one-year options for extension of the loan period. In the loan margin of the financing agreement for the Revolving Credit Facility, the intention is to take into account the achievement of Glas-ton's sustainability targets annually. These will be agreed by 30 June 2026. The covenant terms of the financing package are described in the note 5.1. Management of capital.
Committed credit facilities\t
EUR million | In use | Unused | Total |
Committed credit facilities 31.12.2025 | 5.0 | 20.0 | 25.0 |
Committed credit facilities 31.12.2024 | 15.0 | 10.0 | 25.0 |
Maturity analysis of financial liabilities 31 December 2025
EUR thousand | Maturing in | ||||
Maturity of financial liabilities | Carrying amount | Contractual cash flows | < 12 months | 1-2 years | > 2 years |
Financial liabilities | |||||
Loans from financial institutions | 31,694 | 35,411 | 4,047 | 3,937 | 27,427 |
Other interest-bearing loans | 78 | 80 | 40 | 40 | - |
Lease liabilities | 5,007 | 5,319 | 2,373 | 2,021 | 925 |
Trade payables | 15,134 | 15,134 | 15,134 | - | - |
Total | 51,913 | 55,944 | 21,594 | 5,998 | 28,352 |
Maturity analysis of financial liabilities 31 December 2024
EUR thousand | Maturing in | ||||
Maturity of financial liabilities | Carrying amount | Contractual cash flows | < 12 months | 1-2 years | > 2 years |
Financial liabilities | |||||
Loans from financial institutions | 24,856 | 27,745 | 3,126 | 1,080 | 23,540 |
Other interest-bearing loans | 118 | 120 | 40 | 40 | 40 |
Lease liabilities | 7,089 | 7,601 | 2,822 | 2,264 | 2,515 |
Trade payables | 21,100 | 21,100 | 21,100 | - | - |
Total | 53,163 | 56,566 | 27,088 | 3,384 | 26,094 |
Derivative Contracts Recognized at Fair Value through Profit or Loss, And Hedge Accounting
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabili-ties acquired for trading and entered at fair value through profit or loss, and whose changes of value are recognized immediately through profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to foreign exchange derivatives. If the hedge accounting conditions are not met, the result of hedging instruments when hedging a commercial foreign exchange risk are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position
in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Hedge accounting was used in hedging the trade receivables of projects and in hedging a variable rate loan. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting period 2025, Glaston had open foreign exchange and interest rate forward contracts.
Other Assets Recognized at Fair Value through Profit or Loss
Other assets recognized at fair value through profit or loss may include current investments that are acquired and held for trading, i.e. acquired or incurred for the main purpose of selling them in the short term. Other assets recognized at fair value through profit or loss are included in current assets in the statement of financial position.
Fair values of other financial assets recognized at fair value through profit or loss are estimated to correspond to their carrying amounts because of their short maturities. Trade date accounting is used in recognizing pur-chases and sales of other assets recognized at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__116-1": { "value": "5.5. Financial assets and liabilities by categoryOther Assets Recognized at Fair Value through Profit or Loss
Other assets recognized at fair value through profit or loss may include current investments that are acquired and held for trading, i.e. acquired or incurred for the main purpose of selling them in the short term. Other assets recognized at fair value through profit or loss are included in current assets in the statement of financial position.
Fair values of other financial assets recognized at fair value through profit or loss are estimated to correspond to their carrying amounts because of their short maturities. Trade date accounting is used in recognizing pur-chases and sales of other assets recognized at fair value through profit or loss.
Loans and Other Receivables
Loans and other receivables are assets which are not included in derivative assets. Loans and other receivables arise when money, goods or services are delivered to a debtor. They are not quoted in an active market and payments related to them are either fixed or determinable. Loans and receivables granted by the Group are measured at amortized cost.
Loan receivables, trade receivables and other receivables have been classified as loans and other receivables. They are included in current or non-current financial assets in accordance with their maturity. Loan and
trade receivables falling due after 12 months are discounted, if no interest is charged separately, and the increase in the receivable which reflects the passage of time is recognized as interest income in financial income and expenses.
Trade receivables are carried at the original invoice amount less the share of the discounted interest and an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a review of all trade receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. Impairment losses of trade receivables are recorded in a separate allowance account within trade receivables, and the impairment losses are recog-nized in profit or loss as other operating expenses. If the impairment loss is final, the trade receivable is derecognized from the allowance account. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss as a deduction of other operating expenses. If no impairment loss has been recognized in allowance account and the impairment loss of the trade receivable is found to be final, impairment loss is recognized directly as deduction of trade receivables.
Loan receivables are carried at the original amount less an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a separate review of all loan receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. For example, payment defaults or late payments are considered as indications of impairment of the receivable. Impairment losses of loan receivables are recognized in profit or loss as financial expenses. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss in financial items.
Financial assets and liabilities by category\t
EUR thousand 31 December, 2025 | Note | Financial assets and liabilities measured at fair value through other comprehensive income | Financial assets and liabilities at fair value through profit and loss | Financial liabilities at amortized cost | Total carrying amounts | Total fair value |
Cash | 5.2. | - | - | 8,856 | 8,856 | - |
Trade receivables | 4.2. | - | - | 15,906 | 15,906 | - |
Other interest-free receivables | 4.2. | - | - | 3,328 | 3,328 | - |
Derivatives (receivables) | 5.7. | 218 | - | - | 218 | - |
Shares and other long-term investments | 8 | - | - | 8 | - | |
Non-current interest-bearing liabilities | 5.6. | - | - | -31,841 | -31,841 | -28,967 |
Current interest-bearing liabilities | 5.6. | - | - | -4,970 | -4,970 | -5,026 |
Trade payables | 4.3. | - | - | -15,134 | -15,134 | - |
Other current interest-free liabilities | 4.3. | - | - | -2,144 | -2,144 | - |
Derivatives (liabilities) | 5.7. | -12 | - | - | -12 | - |
Total | 214 | - | -25,999 | -25,785 | -33,992 |
31 December, 2024 | ||||||
Cash | 5.2. | - | - | 12,283 | 12,283 | - |
Trade receivables | 4.2. | - | - | 14,529 | 14,529 | - |
Other interest-free receivables | 4.2. | - | - | 3,851 | 3,851 | - |
Derivatives (receivables) | 5.7. | 214 | - | - | 214 | - |
Shares and other long-term investments | 8 | - | - | 8 | - | |
Non-current interest-bearing liabilities | 5.6. | - | - | -27,820 | -27,820 | -25,396 |
Current interest-bearing liabilities | 5.6. | - | - | -4,243 | -4,243 | -4,711 |
Trade payables | 4.3. | - | - | -21,100 | -21,100 | - |
Other current interest-free liabilities | 4.3. | - | - | -3,039 | -3,039 | - |
Derivatives (liabilities) | 5.7. | -752 | - | - | -752 | - |
Total | -531 | - | -25,539 | -26,070 | -30,106 |
Fair value measurement hierarchy | 31.12.2025 | 31.12.2024 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||||||
Currency and interest rate forward contracts | - | 218 | - | 218 | - | 214 | - | 214 |
Total | - | 218 | - | 218 | - | 214 | - | 214 |
Liabilities | ||||||||
Finacial liabilities | - | -33,992 | - | -33,992 | - | -30,106 | - | -30,106 |
Currency and interest rate forward contracts | - | -12 | - | -12 | - | -752 | - | -752 |
Total | - | -34,004 | - | -34,004 | - | -30,859 | - | -30,859 |
Fair value measurement hierarchy:\t
Level 1 = quoted prices in active markets\t
Level 2 = other than quoted prices included within Level 1 that are observable either directly or indirectly\t
Level 3 = not based on observable market data\t
Specific valuation techniques used to value financial instruments include:
\u2022 The fair value of forward foreign exchange contracts is determined by using forward rates at the closing date\t
\u2022 The use of quoted market prices or dealer quotes for similar instruments\t
Accounting policy
Glaston\u2019s financial assets have been classified into three categories: as assets recognized at amortized cost, at fair value through other comprehensive income and at fair value through profit or loss. The classification depends on the business model under which the financial assets are managed as well as the characteristics of the instrument\u2019s cash flows. A financial asset item is derecognized from the statement of financial position when Glaston\u2019s contractual right to the cash flows from the financial asset item expire or the financial asset item is transferred to an external party and the transfer fulfills the asset derecognition requirements of IFRS 9.
Financial liabilities are classified at amortized cost using the effective inter-est method, or at fair value through profit or loss. A financial liability or part of a financial liability is derecognized from the statement of financial position when the liability has ceased to exist, i.e. when the obligation specified in the contract has been discharged or canceled or has expired.
Glaston has classified its long-term investments as financial assets at fair value through other comprehensive income. The classification depends on the business model according to which the financial assets are man-aged and the cash flow characteristics of the instrument. A financial asset is derecognised when the Group\u2019s contractual rights to the cash flows from the financial asset cease to exist or when the financial asset is transferred to another party and the transfer meets the criteria for derecognition in accordance with IFRS 9.
Derivative Contracts Recognized at Fair Value through Profit or Loss, And Hedge Accounting
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabili-ties acquired for trading and entered at fair value through profit or loss, and whose changes of value are recognized immediately through profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to foreign exchange derivatives. If the hedge accounting conditions are not met, the result of hedging instruments when hedging a commercial foreign exchange risk are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position
in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Hedge accounting was used in hedging the trade receivables of projects and in hedging a variable rate loan. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting period 2025, Glaston had open foreign exchange and interest rate forward contracts.
Other Assets Recognized at Fair Value through Profit or Loss
Other assets recognized at fair value through profit or loss may include current investments that are acquired and held for trading, i.e. acquired or incurred for the main purpose of selling them in the short term. Other assets recognized at fair value through profit or loss are included in current assets in the statement of financial position.
Fair values of other financial assets recognized at fair value through profit or loss are estimated to correspond to their carrying amounts because of their short maturities. Trade date accounting is used in recognizing pur-chases and sales of other assets recognized at fair value through profit or loss.
Loans and Other Receivables
Loans and other receivables are assets which are not included in derivative assets. Loans and other receivables arise when money, goods or services are delivered to a debtor. They are not quoted in an active market and payments related to them are either fixed or determinable. Loans and receivables granted by the Group are measured at amortized cost.
Loan receivables, trade receivables and other receivables have been classified as loans and other receivables. They are included in current or non-current financial assets in accordance with their maturity. Loan and
trade receivables falling due after 12 months are discounted, if no interest is charged separately, and the increase in the receivable which reflects the passage of time is recognized as interest income in financial income and expenses.
Trade receivables are carried at the original invoice amount less the share of the discounted interest and an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a review of all trade receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. Impairment losses of trade receivables are recorded in a separate allowance account within trade receivables, and the impairment losses are recog-nized in profit or loss as other operating expenses. If the impairment loss is final, the trade receivable is derecognized from the allowance account. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss as a deduction of other operating expenses. If no impairment loss has been recognized in allowance account and the impairment loss of the trade receivable is found to be final, impairment loss is recognized directly as deduction of trade receivables.
Loan receivables are carried at the original amount less an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a separate review of all loan receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. For example, payment defaults or late payments are considered as indications of impairment of the receivable. Impairment losses of loan receivables are recognized in profit or loss as financial expenses. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss in financial items.
Financial Assets Valued at Fair Value through other comprehensive income
Financial assets measured at fair value through other comprehensive income
are financial assets not included in derivative assets, assets or liabilities recognized at fair value through profit or loss, or other receivables.
Listed investments included in financial assets measured at fair value through other comprehensive income are valued at the market price at the end of the reporting period. The value of investments whose fair value is not based on verifiable market data, such as unlisted shares and other investments, is based on information obtained from the company or on the fair value of substantially similar instruments.
Unrealized changes in the fair value of financial assets measured at fair value through other comprehensive income are recognized in other comprehensive income less tax effects and are included in the fair value reserve in equity.
Financial assets at fair value through other comprehensive income are included in non-current assets in the statement of financial position.
Financial Liabilities Measured at Amortized Cost
On initial recognition financial liabilities are measured at their fair values that are based on the consideration received. Subsequently, financial liabil-ities are measured at amortized cost using the effective interest method. Transaction costs are included in the acquisition cost. Financial liabilities measured at amortized cost include pension loans, loans from financial institutions, finance lease liabilities, trade payables and advances received. They are included in current or non-current liabilities in accordance with their maturity.
Interest expenses are accrued for and mainly recognized in profit or loss for each period. If an asset is a qualifying asset as defined in IAS 23 Borrow-ing Costs, the borrowing costs that are directly attributable to the acquisi-tion, construction or production of a qualifying asset are capitalized to the acquisition cost of the asset. The capitalization applies mainly to property, plant and equipment and intangible assets.
Derivative Contracts Recognized at Fair Value through Profit or Loss, And Hedge Accounting
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabili-ties acquired for trading and entered at fair value through profit or loss, and whose changes of value are recognized immediately through profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to foreign exchange derivatives. If the hedge accounting conditions are not met, the result of hedging instruments when hedging a commercial foreign exchange risk are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position
in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Hedge accounting was used in hedging the trade receivables of projects and in hedging a variable rate loan. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting period 2025, Glaston had open foreign exchange and interest rate forward contracts.
Other Assets Recognized at Fair Value through Profit or Loss
Other assets recognized at fair value through profit or loss may include current investments that are acquired and held for trading, i.e. acquired or incurred for the main purpose of selling them in the short term. Other assets recognized at fair value through profit or loss are included in current assets in the statement of financial position.
Fair values of other financial assets recognized at fair value through profit or loss are estimated to correspond to their carrying amounts because of their short maturities. Trade date accounting is used in recognizing pur-chases and sales of other assets recognized at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__124-1": { "value": "Derivative Contracts Recognized at Fair Value through Profit or Loss, And Hedge Accounting
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabili-ties acquired for trading and entered at fair value through profit or loss, and whose changes of value are recognized immediately through profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to foreign exchange derivatives. If the hedge accounting conditions are not met, the result of hedging instruments when hedging a commercial foreign exchange risk are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position
in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Hedge accounting was used in hedging the trade receivables of projects and in hedging a variable rate loan. In August 2024, Glaston entered into a 3-year interest rate swap with a nominal value of EUR 10 million to hedge a variable rate loan. The interest rate swap is subject to hedge accounting. At the end of reporting period 2025, Glaston had open foreign exchange and interest rate forward contracts.
Accounting policy
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabilities acquired for trading purposes and recorded at fair value through profit or loss, with changes in value immediately recorded in profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to derivatives. If the hedge accounting conditions are not met, the result of hedging instruments are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Derivative instruments are used only for currency and interest rate hedg-ing purposes. Nominal values of derivative instruments do not necessarily correspond with the actual cash flows between the counterparties and do not therefore give a fair view of the risk position of the Group. The fair values are based on market valuation on the date of reporting.
Loans and Other Receivables
Loans and other receivables are assets which are not included in derivative assets. Loans and other receivables arise when money, goods or services are delivered to a debtor. They are not quoted in an active market and payments related to them are either fixed or determinable. Loans and receivables granted by the Group are measured at amortized cost.
Loan receivables, trade receivables and other receivables have been classified as loans and other receivables. They are included in current or non-current financial assets in accordance with their maturity. Loan and
trade receivables falling due after 12 months are discounted, if no interest is charged separately, and the increase in the receivable which reflects the passage of time is recognized as interest income in financial income and expenses.
Trade receivables are carried at the original invoice amount less the share of the discounted interest and an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a review of all trade receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. Impairment losses of trade receivables are recorded in a separate allowance account within trade receivables, and the impairment losses are recog-nized in profit or loss as other operating expenses. If the impairment loss is final, the trade receivable is derecognized from the allowance account. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss as a deduction of other operating expenses. If no impairment loss has been recognized in allowance account and the impairment loss of the trade receivable is found to be final, impairment loss is recognized directly as deduction of trade receivables.
Loan receivables are carried at the original amount less an estimate made for doubtful receivables. The estimate made for doubtful receivables is based on a separate review of all loan receivables outstanding on the reporting date as well as on an assessment of the impairment of financial assets based on expected credit losses. For example, payment defaults or late payments are considered as indications of impairment of the receivable. Impairment losses of loan receivables are recognized in profit or loss as financial expenses. If a payment is later received from the impaired receivable, the received amount is recognized in profit or loss in financial items.
Financial Assets Valued at Fair Value through other comprehensive income
Financial assets measured at fair value through other comprehensive income
are financial assets not included in derivative assets, assets or liabilities recognized at fair value through profit or loss, or other receivables.
Listed investments included in financial assets measured at fair value through other comprehensive income are valued at the market price at the end of the reporting period. The value of investments whose fair value is not based on verifiable market data, such as unlisted shares and other investments, is based on information obtained from the company or on the fair value of substantially similar instruments.
Unrealized changes in the fair value of financial assets measured at fair value through other comprehensive income are recognized in other comprehensive income less tax effects and are included in the fair value reserve in equity.
Financial assets at fair value through other comprehensive income are included in non-current assets in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__126": { "value": "Financial Liabilities Measured at Amortized Cost
On initial recognition financial liabilities are measured at their fair values that are based on the consideration received. Subsequently, financial liabil-ities are measured at amortized cost using the effective interest method. Transaction costs are included in the acquisition cost. Financial liabilities measured at amortized cost include pension loans, loans from financial institutions, finance lease liabilities, trade payables and advances received. They are included in current or non-current liabilities in accordance with their maturity.
Interest expenses are accrued for and mainly recognized in profit or loss for each period. If an asset is a qualifying asset as defined in IAS 23 Borrow-ing Costs, the borrowing costs that are directly attributable to the acquisi-tion, construction or production of a qualifying asset are capitalized to the acquisition cost of the asset. The capitalization applies mainly to property, plant and equipment and intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700V3I7CLI3DJ8L62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s7__6__127": { "value": "5.6. Borrowings and lease liabilities
Non-current interest-bearing liabilities
EUR thousand | 2025 | 2024 |
Loans from financial institutions | 28,933 | 22,935 |
Lease liablities | 2,908 | 4,885 |
Total non-current interest-bearing liabilities | 31,841 | 27,820 |
Maturity of long term interest bearing liabilities
1-2 years | 2-3 years | 3-5 years | > 5 years | Total | |
Loans from financial institutions | 2,839 | 26,094 | - | - | 28,933 |
Lease liabilities | 2,096 | 694 | 118 | - | 2,908 |
Total | 4,935 | 26,788 | 118 | - | 31,841 |
Current interest-bearing liabilities
EUR thousand | 2025 | 2024 |
Loans from financial institutions | 2,839 | 2,039 |
Lease liabilities | 2,131 | 2,204 |
Total current interest-bearing liabilities | 4,970 | 4,243 |
Interest-bearing net liabilities
Non-current interest-bearing liabilities | 31,841 | 27,820 |
Current interest-bearing liabilities | 4,970 | 4,243 |
Cash | -8,856 | -12,283 |
Total | 27,955 | 19,779 |
The Group\u2019s funding is mainly organ-ized by using the Facilitites Agreement signed in December 2025. Note 5.4.4.
All Group's loans from financial insti-tutions are denominated in euros.
The Group\u2019s loan agreements include covenants and other terms and conditions which are linked to consolidated key figures. If the cove-nant terms are not fulfilled, negotia-
tions with the lenders will be initiated. These negotiations may lead to notice of termination of financial agree-ments. Covenant terms are described in more detail in Note 5.1.\t
The liquidity and currency risk related to interest-bearing debt is described in more detail in Note 5.4.
1.1.2025 | Cash flow | Effective rate and Exchange differences | Reclassifi-cation | Other changes | 31.12.2025 | |
Non-current interest-bearing liabilities | 27,820 | 9,000 | -162 | -2,839 | -1,977 | 31,841 |
Current interest-bearing liabilities | 4,243 | -4,975 | - | 2,839 | 2,863 | 4,970 |
Total | 32,063 | 4,025 | -162 | - | 886 | 36,811 |
Accounting policy
Derivative contracts are entered in the statement of financial position at the time of acquisition at fair value and remeasured at fair value in the finan-cial statements using the market prices at the end of the reporting period. Entries of the changes of derivatives are influenced by whether a derivative contract falls within the scope of hedge accounting. Derivatives that do not meet the hedge accounting conditions are financial assets and liabilities acquired for trading purposes and recorded at fair value through profit or loss, with changes in value immediately recorded in profit or loss.
When a hedging arrangement is entered into, the relationship between the item being hedged and the hedging instrument, as well as the objec-tives of the Group\u2019s risk management are documented. The IFRS 9 standard requires an economic relationship between the hedged item and the hedg-ing instrument as well as the same hedge ratio that management actually uses in risk management.
If the hedging accounting conditions are met, cash flow hedge account-ing under IAS 9 is applied with respect to derivatives. If the hedge accounting conditions are not met, the result of hedging instruments are recognized in profit or loss within other operating income or expenses.
Derivative instruments are included in the statement of financial position in current assets and liabilities. Trade date accounting is used in recognizing sales and purchases of derivatives.
Derivative instruments are used only for currency and interest rate hedg-ing purposes. Nominal values of derivative instruments do not necessarily correspond with the actual cash flows between the counterparties and do not therefore give a fair view of the risk position of the Group. The fair values are based on market valuation on the date of reporting.
5.8. Contingencies
EUR thousand | 2025 | 2024 |
Loans secured with mortgages or pledges | ||
Loans from financial institutions | 32,000 | 25,000 |
Liens on chattel | 292,500 | 292,500 |
Carrying amount of pledged securities | 21,590 | 21,590 |
Total mortgages, liens on chattel and pledged assets | 314,090 | 314,090 |
Contingent liabilities | ||
Liens on chattel | ||
On behalf of own commitments | 292,500 | 292,500 |
Securities pledged | ||
On behalf of own commitments | 21,590 | 21,590 |
Total | 314,090 | 314,090 |
Liens on chattel are related to companies: Glaston Services Ltd. Oy and Glaston Finland Oy.
Glaston Corporation, Glaston Finland Oy and Glaston Services Ltd. Oy are jointly responsible for the debts of Glaston Group.\t
Guarantees | On behalf of own commitments | 4,497 | 9,554 |
On behalf of others | 241 | 299 | |
Total | 4,738 | 9,853 | |
Total contingent liabilities | 318,828 | 323,943 |
Other contingent liabilities and litigations\t
At year end Glaston Tianjin Co. Ltd. has endorsed EUR 4.6 million of bank drafts. The expiring dates of the bank drafts are on the first half of year 2026.
Glaston Group can be a defendant or plaintiff in a number of legal proceed-ings incidental to those operations. The Group does not expect the outcome of any unmentioned legal proceedings currently pending, either individually or in the aggregate, to have material adverse effect upon the Group's consolidated financial position or result.\t
5.8. Contingencies
EUR thousand | 2025 | 2024 |
Loans secured with mortgages or pledges | ||
Loans from financial institutions | 32,000 | 25,000 |
Liens on chattel | 292,500 | 292,500 |
Carrying amount of pledged securities | 21,590 | 21,590 |
Total mortgages, liens on chattel and pledged assets | 314,090 | 314,090 |
Contingent liabilities | ||
Liens on chattel | ||
On behalf of own commitments | 292,500 | 292,500 |
Securities pledged | ||
On behalf of own commitments | 21,590 | 21,590 |
Total | 314,090 | 314,090 |
Liens on chattel are related to companies: Glaston Services Ltd. Oy and Glaston Finland Oy.
Glaston Corporation, Glaston Finland Oy and Glaston Services Ltd. Oy are jointly responsible for the debts of Glaston Group.\t
Guarantees | On behalf of own commitments | 4,497 | 9,554 |
On behalf of others | 241 | 299 | |
Total | 4,738 | 9,853 | |
Total contingent liabilities | 318,828 | 323,943 |
Other contingent liabilities and litigations\t
At year end Glaston Tianjin Co. Ltd. has endorsed EUR 4.6 million of bank drafts. The expiring dates of the bank drafts are on the first half of year 2026.
Glaston Group can be a defendant or plaintiff in a number of legal proceed-ings incidental to those operations. The Group does not expect the outcome of any unmentioned legal proceedings currently pending, either individually or in the aggregate, to have material adverse effect upon the Group's consolidated financial position or result.\t
5.8. Contingencies
EUR thousand | 2025 | 2024 |
Loans secured with mortgages or pledges | ||
Loans from financial institutions | 32,000 | 25,000 |
Liens on chattel | 292,500 | 292,500 |
Carrying amount of pledged securities | 21,590 | 21,590 |
Total mortgages, liens on chattel and pledged assets | 314,090 | 314,090 |
Contingent liabilities | ||
Liens on chattel | ||
On behalf of own commitments | 292,500 | 292,500 |
Securities pledged | ||
On behalf of own commitments | 21,590 | 21,590 |
Total | 314,090 | 314,090 |
Liens on chattel are related to companies: Glaston Services Ltd. Oy and Glaston Finland Oy.
Glaston Corporation, Glaston Finland Oy and Glaston Services Ltd. Oy are jointly responsible for the debts of Glaston Group.\t
Guarantees | On behalf of own commitments | 4,497 | 9,554 |
On behalf of others | 241 | 299 | |
Total | 4,738 | 9,853 | |
Total contingent liabilities | 318,828 | 323,943 |
Other contingent liabilities and litigations\t
At year end Glaston Tianjin Co. Ltd. has endorsed EUR 4.6 million of bank drafts. The expiring dates of the bank drafts are on the first half of year 2026.
Glaston Group can be a defendant or plaintiff in a number of legal proceed-ings incidental to those operations. The Group does not expect the outcome of any unmentioned legal proceedings currently pending, either individually or in the aggregate, to have material adverse effect upon the Group's consolidated financial position or result.\t
Other contingent liabilities and litigations\t
At year end Glaston Tianjin Co. Ltd. has endorsed EUR 4.6 million of bank drafts. The expiring dates of the bank drafts are on the first half of year 2026.
Glaston Group can be a defendant or plaintiff in a number of legal proceed-ings incidental to those operations. The Group does not expect the outcome of any unmentioned legal proceedings currently pending, either individually or in the aggregate, to have material adverse effect upon the Group's consolidated financial position or result.\t
6.1. Shares and holdings
Changes in subsidiaries in 2025
Glaston Management (Shanghai) Co. Ltd. was liquidated in May 2025
Uniglass Engineering Oy's name was changed to Uniglass Solutions Oy in November 2025
Changes in subsidiaries in 2024
Bystronic Glass UK Ltd. was liquidated in March 2024
Glaston China Co. Ltd. was merged to Glaston Tianjin Co. Ltd. in June 2024
Glaston Hong Kong Ltd was liquidated in October 2024
Group companies | Group holding % | Parent holding % | ||
Glaston Oyj Abp | Helsinki | Finland | ||
Uniglass Solutions Oy | Tampere | Finland | 100% | 100% |
Glaston Services Ltd. Oy | Tampere | Finland | 100% | 100% |
Glaston Finland Oy | Tampere | Finland | 100% | |
Glaston Finland Branch Office (Australia, New Zealand) | Melbourne | Australia | ||
Glaston Finland Oy (DMCC Branch) | Dubai | United Arab Emirates | ||
Glaston International Oy | Tampere | Finland | 100% | |
Glaston America, Inc. | Cherry Hill, NJ | United States | 100% | |
Glaston UK Ltd. | Shropshire | United Kingdom | 100% | |
Glaston Singapore Pte. Ltd. | Singapore | Singapore | 100% | |
Glaston Tianjin Co. Ltd. | Tianjin | China | 100% | |
Glaston Brasil Ltda | S\u00e3o Paulo | Brasil | 100% | |
Glaston Germany GmbH * | Neuhausen-Hamberg | Germany | 100% | |
Glaston Switzerland AG | B\u00fctzberg | Switzerland | 100% | |
EAI Hedging 3 Oy | Helsinki | Finland | 0% | 0% |
7.1. Related parties
Glaston Group's related parties include the parent of the Group (Glaston Corporation) and subsidiaries. Also the shareholders, which have significant influence in Glaston through share-holding, are considered to be related parties, as well as the companies con-trolled by these shareholders. Related parties also include the members of the Board of Directors, the Group's Executive Leadership Team, the CEO and their family members as well as the companies controlled by them.
Glaston Corporation is an associ-ated company of Ahlstrom Capital BV, whose share of shares and votes is 26.4% on 31 December 2025 (26.4% on 31 December 2024).
Glaston follows the same commer-cial terms in transactions with associ-ates and other related parties as with third parties.
Total accrual based remuneration of the Board of Directors and the Executive Leadership Team was EUR 2,337 (2,433) thousand.
Remuneration of the Executive Leadership Team, accrual based | ||
EUR | 2025 | 2024 |
President and CEO | ||
Salaries | -290,408 | -337,815 |
Bonuses | -32,071 | -86,458 |
Share based benefit | -3,096 | - |
Total | -325,575 | -424,272 |
Fringe benefits | -40,267 | -241 |
Total | -365,842 | -424,513 |
Statutory pension payments (Finnish TyEL or similar plan) | -67,771 | -112,332 |
Total other Executive Leadership Team | ||
Salaries | -1,191,570 | -1,376,156 |
Bonuses | -116,320 | -128,753 |
Share based benefit | 47,011 | 12,739 |
Severance pay | -183,750 | - |
Total | -1,444,630 | -1,492,169 |
Fringe benefits | -143,698 | -140,152 |
Total | -1,588,328 | -1,632,321 |
Statutory pension payments (Finnish TyEL or similar plan) | -93,797 | -177,273 |
Voluntary pension payments | - | -19,224 |
2025: From 1 June 2025, Miika \u00c4ppelqvist has served as the President and CEO. Toni Laaksonen served as the President and CEO until 31 May 2025. The President and CEO salaries above in the 2025 column include the total combined salaries of \u00c4ppelqvist and Laaksonen.2024: From 12 August 2024, Toni Laaksonen has served as the President and CEO. Antti Kaunonen served as the Interim President and CEO until 12 August 2024. The President and CEO salaries above in the 2024 column include the total com-bined salaries of Kaunonen and Laaksonen.
The remuneration of the Executive Leadership Team includes salaries only for the period of membership.
The President and CEO's period of notice is 6 months. In the event the company would give notice to the President and CEO, he will receive an additional remuneration equaling 9 -12 months' salary.
Compensation of the President and CEO and other members of the Executive Leadership Team consists of a fixed monthly salary, an annual bonus and a share-based incentive plan intended as a long-term incen-tive (described in more detail in Note 2.6). The criteria for bonus payments are consolidated result, result of the business unit as well as functional tar-gets. The maximum annual bonus of the President and CEO is 60 per cent of the annual salary. The maximum annual bonus of the other members of the Executive Leadership Team is 40 per cent of the annual salary.
The retirement age of the Presi-dent and CEO of Glaston Corporation and other members of the Execu-tive Leadership Team is according to the normal local legislation, ie. 63-68 years.
Remuneration of the Board of Directors, accrual based | ||||||
2025 | 2024 | |||||
EUR | annual fee | meeting fee | Total | annual fee | meeting fee | Total |
Veli-Matti Reinikkala, Chair of the Board of Directors | -81,500 | -17,200 | -98,700 | -80,500 | -17,100 | -97,600 |
Sebastian Bondestam, Deputy Chair of the Board of Directors | -45,000 | -7,500 | -52,500 | -44,500 | -8,000 | -52,500 |
Sarlotta Narjus(1 | -8,750 | -2,500 | -11,250 | -34,500 | -9,000 | -43,500 |
Antti Kaunonen | -35,000 | -8,000 | -43,000 | -34,500 | -6,500 | -41,000 |
Arja Talma | -45,000 | -9,000 | -54,000 | -44,500 | -8,500 | -53,000 |
Tero Telaranta | -35,000 | -9,000 | -44,000 | -34,500 | -9,000 | -43,500 |
Michael Willome | -35,000 | -10,500 | -45,500 | -34,500 | -10,500 | -45,000 |
Tina Wu(2 | -26,250 | -8,000 | -34,250 | - | - | - |
Total | -311,500 | -71,700 | -383,200 | -307,500 | -68,600 | -376,100 |
The members of Glaston Corpora-tion's Board of Directors were paid an annual remuneration and a meet-ing fee; other compensation was not paid. The 2025 Annual General Meeting resolved that an annual fee of EUR 74,000 (74,000) shall be paid to the Chair of the Board, EUR 45,000 (45,000) to the Deputy Chair and EUR 35,000 (35,000) to other Members of the Board. In addition, a meeting fee of EUR 800 (800) per meeting held in the Chair's home country and EUR 1,500 per meeting held elsewhere were paid to the Chair. The other
members of Glaston Corporation's Board of Directors were paid EUR 500 per meeting held in the Board mem-ber's home country and EUR 1,000 per meeting held elsewhere. For the Board Meeting, which is hold per cap-sulam, will be paid half of the regular fee. Member of the Board may, at his/her discretion, choose to receive the annual fixed remuneration partly in company shares and partly in cash so that approximately 40% of the annual fixed remuneration is paid in Glaston Corporation\u2019s shares.
The members of Glaston Corpo-ration's Audit and People and Remu-neration Committees are paid for every meeting, that a member has participated, EUR 500 per meeting held in the member's home coun-try and EUR 1,000 per meeting held elsewhere. In addition, the Chair of the Audit Committee was paid annual fee of EUR 10,000 and to the Chair of the People and Remuneration Committee an annual fee of EUR 7,500.\t
1) Board member until April 16, 2025
2) Board member as of April 16, 2025\t
Board of Directors, share ownership*
Glaston shares | ||
31.12.2025 | 31.12.2024 | |
Veli-Matti Reinikkala,Chair of the Board of Directors | 653,218 | 487,446 |
Sebastian Bondestam, Deputy Chair of the Board of Directors | 58,638 | 45,264 |
Sarlotta Narjus(1 | - | - |
Antti Kaunonen | 99,940 | 89,538 |
Arja Talma | 36,937 | 26,535 |
Tero Telaranta | 37,125 | 26,723 |
Michael Willome | - | - |
Tina Wu(2 | - | - |
1) Board member until April 16, 2025
2) Board member as of April 16, 2025
Share ownership includes also the ownership of Glaston Corporation shares by the related parties of the person in question and entities controlled by the person in question.
Executive Leadership Team, share ownership*
Glaston shares | ||
31.12.2025 | 31.12.2024 | |
Miika \u00c4ppelqvist(3 , President and CEO | 13,666 | 9,380 |
Joe Butler(4 | 1,702 | - |
Robert Jenks(5 | - | - |
Kimmo Kuusela(6 | 7,473 | - |
Riikka Laitasalo | - | - |
Jens Mayr(7 | 5,931 | - |
Magnus Sj\u00f6blom(8 | - | - |
Minna Toiviainen(9 | - | - |
(3President and CEO as of 1 June.2025
(4Member of the Executive leadership Team as of May 6, 2025
(5Member of the Executive Leadership Team as of April 1, 2025
(6Member of the Executive leadership Team as of May 6, 2025
(7Member of the Executive Leadership team as of July 1, 2025
(8Member of the Executive Leadership Team as of March 1, 2025
(9Member of the Executive Leadership Team as of September 15, 2025
*On 22 April 2025, a reverse share split was carried out. The number of shares in the comparison period have been adjusted accordingly.
Glaston Group's related parties include the parent of the Group (Glaston Corporation) and subsidiaries. Also the shareholders, which have significant influence in Glaston through share-holding, are considered to be related parties, as well as the companies con-trolled by these shareholders. Related parties also include the members of the Board of Directors, the Group's Executive Leadership Team, the CEO and their family members as well as the companies controlled by them.
Glaston Corporation is an associ-ated company of Ahlstrom Capital BV, whose share of shares and votes is 26.4% on 31 December 2025 (26.4% on 31 December 2024).
Glaston follows the same commer-cial terms in transactions with associ-ates and other related parties as with third parties.
Total accrual based remuneration of the Board of Directors and the Executive Leadership Team was EUR 2,337 (2,433) thousand.
Board of Directors, share ownership*
Glaston shares | ||
31.12.2025 | 31.12.2024 | |
Veli-Matti Reinikkala,Chair of the Board of Directors | 653,218 | 487,446 |
Sebastian Bondestam, Deputy Chair of the Board of Directors | 58,638 | 45,264 |
Sarlotta Narjus(1 | - | - |
Antti Kaunonen | 99,940 | 89,538 |
Arja Talma | 36,937 | 26,535 |
Tero Telaranta | 37,125 | 26,723 |
Michael Willome | - | - |
Tina Wu(2 | - | - |
1) Board member until April 16, 2025
2) Board member as of April 16, 2025
Share ownership includes also the ownership of Glaston Corporation shares by the related parties of the person in question and entities controlled by the person in question.
Executive Leadership Team, share ownership*
Glaston shares | ||
31.12.2025 | 31.12.2024 | |
Miika \u00c4ppelqvist(3 , President and CEO | 13,666 | 9,380 |
Joe Butler(4 | 1,702 | - |
Robert Jenks(5 | - | - |
Kimmo Kuusela(6 | 7,473 | - |
Riikka Laitasalo | - | - |
Jens Mayr(7 | 5,931 | - |
Magnus Sj\u00f6blom(8 | - | - |
Minna Toiviainen(9 | - | - |
(3President and CEO as of 1 June.2025
(4Member of the Executive leadership Team as of May 6, 2025
(5Member of the Executive Leadership Team as of April 1, 2025
(6Member of the Executive leadership Team as of May 6, 2025
(7Member of the Executive Leadership team as of July 1, 2025
(8Member of the Executive Leadership Team as of March 1, 2025
(9Member of the Executive Leadership Team as of September 15, 2025
*On 22 April 2025, a reverse share split was carried out. The number of shares in the comparison period have been adjusted accordingly.
7.2. Events after end of the reporting period
On January 13, 2026, the Proposals of Glaston Corporation\u2019s Sharehold-ers\u2019 Nomination Board to the Annual General Meeting 2026 were disclosed. The Nomination Board proposes that seven (7) members shall be elected to the Board of Directors until the closing of the Annual General Meeting 2027 and that the current members of the Board of Directors Veli-Matti Reinikkala, Sebastian Bondestam, Antti Kaunonen, Arja Talma, Michael Wil-lome and Tina Wu shall be re-elected as Members of the Board of Direc-tors, and Sandra Wickstr\u00f6m shall be
elected as a new member. Further, the Nomination Board proposes that the annual remuneration of the Mem-bers of the Board of Directors remains unchanged and thus is the following: Chair of the Board EUR 74,000, Deputy Chair of the Board EUR 45,000 and other Members of the Board EUR 35,000.
On 13 February 2026, the Board of Directors of Glaston Corporation approved the commencement of a new plan period in the compa-ny\u2019s share-based incentive plan 2025\u22122029.