GLX Holding AS: Q2 2024 - Solid revenue growth and improved profitability

29 Aug 2024 08:30 CEST

GLX Holding AS, the holding company of Glamox, reports solid revenue growth and
improved profitability.

Second quarter 2024
• Order intake up 4.7% at NOK 1,110 million (1,060)
• Total revenue and other operating income up 7.8% at NOK 1,147 million (1,065)
• Adjusted EBITA up 51.5% at NOK 167 million (110)
• Adjusted EBITA margin up 4.2 percentage points to 14.5%
• Cash flow from operating activities at NOK 191 million (60)
• Strong demand for lighting for offshore energy and commercial marine
• Continued demand for building retrofit projects
• Good execution of strategy for growth initiatives and operational efficiency

Year to date 2024
• Order intake up 2.4% at NOK 2,205 million (2,153)
• Total revenue and other operating income up 4.6% at NOK 2,203 million (2,107)
• Adjusted EBITA up 12.6% at NOK 281 million (249),
• Adjusted EBITA margin up 0.8 percentage points to 12.7%
• Cash flow from operating activities at NOK 214 million (85)
• Reduced leverage at 3.4x (4.1x)


Oslo, Norway, 29 August 2024 – GLX Holding AS, the holding company of Glamox AS,
a leading lighting company, today announced solid revenue growth and improved
profitability in its second quarter. Total revenue and other operating income in
the period grew 7.8% to NOK 1,147 million (1,065) while order intake was up 4.7%
at NOK 1,110 million (1,060). This was principally driven by growth in lighting
for offshore energy and marine projects and supported by continued demand for
Glamox’s energy-efficient LED lighting and connected lighting systems for
commercial buildings. Adjusted EBITA was up 51.5% at NOK 167 million (110) with
the Adjusted EBITA margin at 14.5% (10.4%). This increase was underpinned by
sales growth in both divisions, operational enhancements, a beneficial product-
and segment mix, and the effects of cost-improvement measures.

Astrid Simonsen Joos, Group CEO of Glamox commented:

“Our second quarter was marked by solid revenue growth and a very healthy
increase in Adjusted EBITA. Our Marine Offshore & Wind (MOW) division led the
way with strong demand for lighting projects, especially in the markets for
offshore energy and commercial marine. Meanwhile, our Professional Building
Solutions (PBS) division saw continuing demand for its energy-efficient LED
lighting and connected lighting systems. This was partly driven by building
renovation and retrofit projects aimed at reducing electricity costs and
Europe-wide regulations that phase out fluorescent lighting.

“During the quarter we continued to focus on initiatives to support growth and
operational efficiencies. These included optimisation of our manufacturing
footprint and measures that pave the way to digital self-service for order
updates and simple orders.

“Core to our strategy is the pursuit of environmental excellence, and in June,
the Science Based Targets initiative formally verified our targets aimed at
achieving net-zero greenhouse gas emissions across our value chain by 2045.

Subsequent event:
On 13 August 2024, Glamox signed an agreement to acquire UK-based lighting
company MARL International. The acquisition of MARL International will
complement Glamox’s leading range of lighting solutions for navy and defence
applications. MARL International will join the MOW division.

Please find attached the full GLX Holding AS interim report 2nd quarter 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, LINKSrechts, LiteIP,
Luminell, Luxo, 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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626522_GLX Holding AS interim report 2nd quarter 2024.pdf