GLX Holding AS: Q2 and half-year 2025 – Solid results in a changing market

21 Aug 2025 07:30 CEST

GLX Holding AS, the holding company of Glamox, reports solid results with growth
in order intake and a stable adjusted EBITA margin in its second quarter

Second quarter 2025
• Order intake up 6.1% at NOK 1,178 million (1,110)
• Total revenue and other operating income down 3.6% at NOK 1,107 million
(1,147)
• Adjusted EBITA down 4.9% at NOK 158 million (167)
• Adjusted EBITA margin stable at 14.4% (14.5%)
• Net cash flow from operating activities at NOK 49 million (191)
• Substantial contracts awarded in Offshore Wind, and multiple mid-sized wins in
several verticals in Marine, Offshore & Wind
• Continuing demand for building retrofit projects

Year to date 2025
• Order intake up 12.5% at NOK 2,481 million (2,205)
• Total revenue and other operating income up 1.3% at NOK 2,233 million (2,203)
• Adjusted EBITA up 15.6% at NOK 324 million (281)
• Adjusted EBITA margin up 1.9 percentage points to 14.6% (12.7%)
• Cash flow from operating activities at NOK 157 million (214)
• Reduced leverage at 2.5x (3.4x)

Oslo, Norway, 21 August 2025 – GLX Holding AS, the parent company of Glamox AS,
a leading lighting company, today announced its results for the second quarter
and the first half of 2025. It reported solid results, with an increase in order
intake driven by its Marine, Offshore & Wind (MOW) division, and maintained a
stable adjusted EBITA margin as it navigated a changing market environment. The
ongoing execution of Glamox’s Green Light Plan has driven continued growth in
light management systems and connected lighting, along with improvements across
the business.

The company’s order intake increased 6.1% to NOK 1,178 million (1,110). Total
revenue and other operating income in the period decreased 3.6% to NOK 1,107
million (1,147). Adjusted EBITA was down 4.9% at NOK 158 million (167) while the
adjusted EBITA margin remained stable at 14.4% (14.5%). These figures reflected
strong sales in MOW but were negatively affected by softness in the newbuild
construction market within Glamox’s Professional Building Solutions (PBS)
division and by the timing of Easter, which fell in the second quarter this year
compared to the first quarter last year. Year-to-date, Glamox increased its
adjusted EBITA by 15.6%.

Astrid Simonsen Joos, Group CEO of Glamox, commented, “We continued to deliver
solid results through focused execution of our Green Light Plan. We experienced
strong momentum in our Marine, Offshore & Wind division, particularly in our
Offshore Wind and Navy verticals. Meanwhile, our Professional Building Solutions
division prioritised building renovation and retrofit markets to partly offset
the continued softness in newbuild construction. It was encouraging to see
sustained high demand for our smart lighting across both divisions, and our
wireless light management systems continue to gain traction with customers. Our
focus on profitability, simplification, and delivering sustainable lighting
solutions remains a priority.”

Please find attached the full GLX Holding AS interim report for the 2nd quarter
and half-year 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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653433_GLX Holding AS 2nd quarter and half-year report 2025.pdf