GLX Holding AS: Q4 2024 – Solid growth in sales and strong profitability

27 Feb 2025 07:30 CET

GLX Holding AS, the holding company of Glamox, reports solid revenue growth and
significantly strengthened profitability and order intake in this year’s fourth
quarter, concluding a year with good profitability and sustained operational
progress.

Fourth quarter 2024
• Total revenue and other operating income up 4.3% at NOK 1,167 million (1,119)
• Order intake up 12.3% at NOK 1,318 million (1,173)
• Adjusted EBITA up 54.1% at NOK 174 million (113)
• Adjusted EBITA margin up 4.8 percentage points to 14.9% (10.1%)
• Net cash flow from operating activities at NOK 283 million (363)
• Three major Navy and Offshore Wind contracts awarded
• Continuing demand for building retrofit projects

FY 2024
• Total revenue and other operating income up 5.2% at NOK 4,487 million (4,266)
• Order intake up 3.7% at NOK 4,476 million (4,315)
• Adjusted EBITA up 36.6% at NOK 670 million (490)
• Adjusted EBITA margin up 3.4 percentage points to 14.9% (11.5%)
• Net cash flow from operating activities at NOK 691 million (613)
• Reduced leverage at 2.6x (3.6x)

Oslo, Norway, 27 February 2025 – GLX Holding AS, the holding company of Glamox
AS, a leading lighting company, today announced solid revenue growth and strong
profitability in its fourth quarter. Total revenue and other operating income in
the period grew 4.3% to NOK 1,167 million (1,119). Order intake increased 12.3%
at NOK 1,318 million (1,173), supported by major contract awards in the Navy and
Offshore Wind verticals in Glamox’s Marine, Offshore & Wind (MOW) division.
Adjusted EBITA was up 54.1% at NOK 174 million (113) with the adjusted EBITA
margin up 4.8 percentage points to 14.9% (10.1%).

Astrid Simonsen Joos, Group CEO of Glamox commented: “Our fourth quarter saw a
combination of solid revenue growth, margin improvement, and adjusted EBITA
growth, driven by strong performances in our Marine, Offshore & Wind (MOW) and
Professional Building Solutions (PBS) divisions.

“Our revenue was driven by increased activity across several vessel segments and
verticals in MOW. Its underlying growth remains promising, and activity levels
in all its main verticals remain solid. The MOW division was awarded three major
contracts within its Navy and Offshore Wind verticals in the quarter,
reinforcing its position in demanding marine sectors.

“Meanwhile, our PBS division experienced sustained demand for its
energy-efficient lighting for building renovation and retrofit projects. The
Europe-wide phase-out of fluorescent lighting is a key driver for retrofit
activity in PBS and is expected to continue contributing significantly.

“The strong growth in adjusted EBITA and margin expansion was mainly due to
revenue growth in MOW, a beneficial product and customer segment mix, and the
effects of improvement measures.

“I am also delighted to announce that our revenue growth was supported by
increased sales of our Light Management Systems as Glamox continues to benefit
from the ongoing market shift from lighting products to connected lighting
solutions.”

Please find attached the full GLX Holding AS interim report for the 4th quarter
and preliminary full-year report for 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 2024, its annual revenues were NOK 4,487 million. It owns a range of
quality lighting brands, including Glamox, Aqua Signal, LINKSrechts, LiteIP,
Luminell, Luxo, MARL, 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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639853_GLX Holding AS 4th quarter report 2024.pdf