GLX Holding AS: Q1 2025 – Continued growth in sales and improved profitability

15 May 2025 07:30 CEST

GLX Holding AS, the holding company of Glamox, reports continued growth in
revenue and order intake, with improved profitability in its first quarter.

First quarter 2025
• Total revenue and other operating income up 6.7% at NOK 1,126 million (1,056)
• Order intake up 19.0% at NOK 1,304 million (1,096)
• Adjusted EBITA up 45.6% at NOK 166 million (114)
• Adjusted EBITA margin up 3.9 percentage points to 14.7% (10.8%)
• Net cash flow from operating activities at NOK 108 million (22)
• Substantial contracts awarded in Navy, Offshore Wind, and Commercial Marine
verticals
• Continuing demand for building retrofit projects

Oslo, Norway, 15 May 2025 – GLX Holding AS, the holding company of Glamox AS, a
leading lighting company, today announced continued revenue growth and improved
profitability in its first quarter. Total revenue and other operating income in
the period grew 6.7% to NOK 1,126 million (1,056). Adjusted EBITA rose 45.6% to
NOK 166 million (114), with the adjusted EBITA margin increasing by 3.9
percentage points to 14.7% (10.8%). The company’s order intake increased by
19.0% to NOK 1,304 million (1,096), supported by substantial contract awards in
its Marine, Offshore & Wind division.

Astrid Simonsen Joos, Group CEO of Glamox, commented, “Both our Marine, Offshore
& Wind (MOW) and Professional Building Solutions (PBS) divisions performed well,
and I’m very pleased with this strong start to the year, which builds on the
progress of previous quarters. We saw continued revenue growth, margin
expansion, and a significant increase in adjusted EBITA. Driving this was higher
revenue in MOW, a favourable product and customer segment mix in both divisions,
and the positive effects of our operational and cost-improvement initiatives.
This led to a cash flow from operating activities of NOK 108 million (22),
reducing leverage to 2.4x from 3.9x in the corresponding quarter previous year.

“Our PBS division continues to see demand for lighting retrofit and renovation
projects, while our MOW division experienced a significant uptick in its order
intake for the second consecutive quarter, particularly in the Navy, Offshore
Wind, and Commercial Marine verticals. At the same time, we launched new
products, made good progress with operational efficiencies, and increased our
digitalisation efforts. Overall, I am very pleased with the significant progress
our teams have made during the quarter.”

Please find attached the full GLX Holding AS interim report for the 1st quarter
of 2025.

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.

More information:
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646431_GLX Holding AS 1st quarter report 2025.pdf