GLX Holding AS: Interim report for the third quarter 2022

16 Nov 2022 16:36 CET

GLX Holding AS (GLX) announces strong revenue growth and profitability for its
third quarter earnings.

• Revenue growth: up 12.6% at NOK 923 million (NOK 863 million)
• Order intake up 5.7% at NOK 905 million (NOK 863 million)
• Adjusted EBITDA up 24.1% at NOK 152 million (NOK 122 million)
• Adjusted EBITDA LTM up 12.8% at NOK 508 (NOK 450 million)
• Improved adjusted EBITDA margin 16.7% (14.9%)
• New CEO brings experience in lighting, IoT, and software
• Winner of Red Dot award for the refresh of Glamox’s brand and visual identity

Oslo, Norway, 16 November 2022 – GLX Holding AS (GLX) which is the holding
company of Glamox AS, one of Europe’s leading lighting companies, today
announces rises in revenue growth and profitability for its third quarter. Sales
in the period were up 12.6% driven by strong demand for lighting for global
marine and offshore markets. In addition, pricing and cost control initiatives
across the company contributed significantly to an adjusted EBITDA of NOK 152
million, up 24.1% year-on-year. Also, in the quarter, CEO Astrid Simonsen Joos,
joined the company from Signify (formerly Philips Lighting). She brings a wealth
of experience gained in lighting, IT, and software industries. Finally, during
the quarter Glamox AS won a prestigious Best-of-the-rest Red Dot Award for the
refresh of its brand and visual identity.

“Despite the challenging business environment, it was a very positive
performance, led by strong revenue growth in our marine and offshore business,
particularly lighting sales for commercial marine- and navy vessels. At the same
time we enjoyed solid margin improvements thanks to our pricing strategy and
continued cost savings initiatives,” said Astrid Simonsen Joos, CEO, Glamox AS.
“Our resilient business model is a robust platform to address future
opportunities. These include retrofit projects for professional buildings, where
a combination of high energy prices and EU regulation is driving demand for
energy efficient LED and connected lighting. We are also excited by
opportunities in offshore energy, including the lighting of windfarms and their
support vessels and have the track record and portfolio to address this
expanding market.”

Please find attached the full GLX Holding AS interim 3rd quarter 2022 report.
For further information please contact:

Kjetil Østvold
Head of Investor Relations & Analysis
Tel: +47 468 63 004
Email: Kjetil.ostvold@glamox.com or ir_glx@glamox.com

About Glamox AS
Glamox is one of the world’s leading lighting companies. We are a major provider
of quality energy efficient lighting for professional buildings in Europe and to
the world’s marine and offshore markets. Our mission is to provide sustainable
lighting solutions that improve the performance and wellbeing of people. As a
company, we are also committed to achieving Net Zero operations by 2030.

Headquartered in Oslo, Norway, Glamox is privately owned and a subsidiary of GLX
Holding AS which has a stock exchange listed bond (GLX). We employ around 2,200
professionals, with sales and production in Europe, Asia and Nort h America. In
2021, our annual turnover was NOK 3,377 million. We own a range of quality
lighting brands, including Glamox, Aqua Signal, ES-SYSTEM, Küttel, LINKSrechts,
LiteIP, Luminell, Luxo, Luxonic, Norselight, and Wasco. www.glamox.com


Disclaimer Forward-looking statements
This Interim report may include “forward-looking statements”. These statements
can be identified by the use of forward-looking terminology, including the terms
“assumes,” “believes,” “estimates,” “anticipates,” “probability,” “risk,”
“target,” “goal,” “objective,” “expects,” “intends,” “projects,” “plans,” “may,”
“will” or “should” or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include all matters
that are not historical facts. They include statements regarding the intentions,
beliefs or current expectations of the Company concerning, among other things,
the Company’s results of operations, financial condition, liquidity, prospects,
growth, strategies and the industry in which it operates, and include any
business plan information included in this report. Any forward-looking
statements which the Company make in this Interim report speak only as of the
date of such statement. These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that could
cause actual results to differ materially from those in the forward-looking
statements. As a result, you should be cautious in placing any reliance on such
statements and make your own judgment as to the likelihood of such statements
materialising in the future and the reasonableness of any underlying
assumptions. The Company does not intend, and undertakes no obligation, to
revise the forward-looking statements included in this report to reflect any
future events or circumstances.

The Company has included non-IFRS financial measures in this Trading Update,
which may not comply with the U.S. Securities and Exchange Commission rules
governing the presentation of financial measures. These financial measures may
not be comparable to those of other companies. Reference to these non-IFRS
financial measures should be considered in addition to IFRS financial measures,
but should not be considered a substitute for results that are presented in
accordance with IFRS.

More information:
Access the news on Oslo Bors NewsWeb site

575935_GLX Holding AS 3rd quarter results 2022.pdf