GLX Holding AS: Q3 2025 – Solid results with growing order intake and healthy margins

13 Nov 2025 07:30 CET

GLX Holding AS, the holding company of Glamox, reports solid results with
growing order intake and healthy margins

Third quarter 2025
• Order intake up 5.2% at NOK 1,002 million (952)
• Total revenue and other operating income down 3.8% at NOK 1,075 million
(1,117)
• Adjusted EBITA down 14.1% at NOK 185 million (215)
• Adjusted EBITA margin at 17.2% (19.3%)
• Net cash flow from operating activities at NOK 121 million (194)

Year to date 2025
• Order intake up 10.3% at NOK 3,483 million (3,158)
• Total revenue and other operating income at NOK 3,308 million (3,320)
• Adjusted EBITA up 2.7% at NOK 509 million (496)
• Adjusted EBITA margin up 0.5 percentage points to 15.4% (14.9%)
• Net cash flow from operating activities at NOK 277 million (408)
• Reduced leverage at 2.6x (3.0x)

Oslo, Norway, 13 November 2025 – GLX Holding AS, the parent company of Glamox
AS, a leading lighting company, today announced its results for the third
quarter of 2025. It reported solid results, with growth in order intake and
sustained profitability with an adjusted EBITA margin of 17.2%. The company
continued to grow in connected lighting and expanded its digitalisation
initiatives.

The Glamox Group’s order intake increased 5.2% to NOK 1,002 million (952), up
10.3% for the year to date. Total revenue and other operating income in the
quarter decreased by 3.8% to NOK 1,075 million (1,117), mainly due to ongoing
softness in the market for the construction of non-residential buildings in its
Professional Building Solutions division and project timing and delivery
schedules in its Marine, Offshore & Wind division. Adjusted EBITA was down 14.1%
to NOK 185 million (215), reflecting lower revenues and changes in the product
and customer mix across both divisions. Meanwhile, the adjusted EBITA margin
remained healthy at 17.2% (19.3%).

Astrid Simonsen Joos, Group CEO of Glamox, commented: “The third quarter was
characterised by a solid performance in a mixed market environment. We saw a
healthy increase in our total order intake, driven by strong growth in our
Marine, Offshore & Wind division and a return to positive momentum in our
Professional Building Solutions division. We also saw expansion in our connected
lighting solutions.

“Major wins in our Marine, Offshore, & Wind division largely drove growth in our
order intake. Notable announcements in the period included a contract to light
the wind turbine foundation platforms of Hornsea 3, the world’s largest single
offshore wind farm and licensing contracts to light three destroyers for the
Royal Canadian Navy. Meanwhile, our Professional Building Solutions division
returned to positive momentum, supported by solid retrofit activity with
Germany, Sweden, and Denmark leading the way.

“There was strong execution of our digitalisation programmes, including the
further rollout of the myGlamox customer self-service portal, which offers
customers more choice and improves the customer experience.”
Please find attached the full GLX Holding AS interim report for the 3rd quarter
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.

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659518_GLX Holding AS 3rd quarter report 2025.pdf