GLX Holding AS: Q1 2024 - Stable first-quarter earnings

28 May 2024 08:30 CEST

GLX Holding AS, the holding company of Glamox AS, announces stable first-quarter
earnings

• Revenue up 1.3% at NOK 1,056 million (1,042)
• Order intake up 0.2% at NOK 1,096 million (1,094)
• Adjusted EBITA of NOK 114 million (139), down 18.1%
• Robust demand for building retrofit projects
• Global growth in offshore wind, including a contract for the largest offshore
wind farm in the US
• Solid cash generation with cash flow from operating activities in line with
last year
• Strategic actions to support growth opportunities and operational improvements

Oslo, Norway, 28 May 2024 – GLX Holding AS, the holding company of Glamox AS, a
leading lighting company, today announced stable revenues and order intake.
Revenue in the period grew 1.3% to NOK 1,056 million (1,042) while its order
intake remained stable at NOK 1,096 million (1,094). Compared to the first
quarter last year, revenue was impacted by the timing of Easter, which fell in
the first quarter this year compared to the second quarter last year. This
timing effect also impacted adjusted EBITA along with general inflation
affecting cost items. Adjusted EBITA decreased 18.1% to NOK 114 million (139).
The Glamox Group also made progress in executing its strategy including actions
to support growth initiatives and operational improvements.

Our largest division, Professional Building Solutions, saw continued demand for
our energy-efficient LED luminaires and increasingly for our connected lighting
and systems to manage them. This was driven by building renovation and retrofit
projects, but the construction market for new professional buildings was
noticeably soft. Meanwhile, our Marine, Offshore & Wind division saw healthy
demand for lighting new vessels and retrofit projects, and our offshore wind
business saw good growth globally. This included announcing a project to light
the largest offshore wind farm in the United States. Together these diverse
segments provide a stable foundation for our business model and growth strategy.


“We continued to make progress in executing our strategy, with new product
launches and digitalisation projects to improve productivity and customer
service further. Ongoing actions were put in place to support growth initiatives
and operational improvements. We anticipate that these and other
cost-improvement measures will bear fruit in the latter half of the year,” said
Astrid Simonsen Joos, Group CEO of Glamox.

Please find attached the full GLX Holding AS interim report 1st quarter 2024.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Kjetil Østvold, Head of IR and Analysis at Glamox
AS.

Date and time of publication: 08:30 CET, 28 May 2024.

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 AS is a leading lighting company that provides quality energy-efficient
lighting for professional buildings in Europe and for the world’s marine,
offshore, and wind markets. Our mission is to provide sustainable lighting
solutions that improve the performance and well-being of people. We are
committed to achieving Net Zero operations by 2030.

Headquartered in Oslo, Norway, Glamox AS is privately owned by Triton and
Fondsavanse and is a subsidiary of GLX Holding AS. Glamox AS employs around
2,100 professionals with sales and production in Europe, Asia, and North
America. In 2023, its annual revenues were NOK 4,266 million. It owns a range of
quality lighting brands, including Glamox, Aqua Signal, ES-SYSTEM, LINKSrechts,
LiteIP, Luminell, Luxo, Luxonic, Norselight, and Wasco. For more information,
please see 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 makes 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.

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619857_GLX Holding AS interim report 1st quarter 2024.pdf