GLX Holding AS: Q3 2024 - Solid revenue growth and strong profitability

21 Nov 2024 08:30 CET

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

Third quarter 2024
• Total revenue and other operating income up 7.4% at NOK 1,117 million (1,040)
• Order intake down 3.6% at NOK 952 million (988)
• Adjusted EBITA up 67.7% at NOK 215 million (128)
• Adjusted EBITA margin up 7.0 percentage points to 19.3%
• Net cash flow from operating activities at NOK 194 million (164)
• Strong demand for lighting for commercial marine and offshore energy
• Continuing demand for building retrofit projects
• Defence & navy lighting strengthened through the acquisition of MARL
international

Year to date 2024
• Total revenue and other operating income up 5.5% at NOK 3,320 million (3,147)
• Order intake up 0.5% at NOK 3,158million (3,142)
• Adjusted EBITA up 31.4% at NOK 496 million (377)
• Adjusted EBITA margin up 2.9 percentage points to 14.9%
• Net cash flow from operating activities at NOK 408 million (250)
• Reduced leverage at 3.0x (4.0x)

Oslo, Norway, 21 November 2024 – GLX Holding AS, the holding company of Glamox
AS, a leading lighting company, today announced solid revenue growth and strong
profitability in its third quarter. Total revenue and other operating income in
the period grew 7.4% to NOK 1,117 million (1,040). Order intake declined 3.6% at
NOK 952 million (988), although this was due to the timing of major marine
contracts which saw extensive orders in the same period last year. Adjusted
EBITA was up 67.7% at NOK 215 million (128) with the adjusted EBITA margin up
7.0 percentage points to 19.3% (12.3%).

Astrid Simonsen Joos, Group CEO of Glamox commented: “Our third quarter saw
solid revenue growth, margin expansion, and a significant increase in adjusted
EBITA, representing consistent improvement throughout the year.

“While we see continuing demand for our energy-efficient LED luminaires and
light management systems in our Professional Building Solutions division, our
Marine, Offshore and Wind division led the way with strong sales in our
Commercial Marine and Offshore Energy sub-segments. This contributed
significantly to our strong profitability, which was driven by higher revenue, a
favourable product- and segment mix, and the positive effects of operational and
cost-improvement initiatives.

“At Glamox, we continuously challenge how we operate, and we are now seeing
benefits from our investments in modern digital infrastructure and
sustainability.

“A major quarterly highlight was the acquisition of navy and defence specialist
MARL International in the United Kingdom. The company designs and makes LED
technology and electronic systems that will strengthen and expand our position
in the growing market for defence and navy lighting, which is one of the target
growth segments for our Marine, Offshore & Wind division.”

Please find attached the full GLX Holding AS interim report 3rd 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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632809_GLX Holding AS interim report 3rd quarter 2024.pdf