GLX Holding AS: Q4 2025 – Closes 2025 with improved profitability and robust performance

26 Feb 2026 07:30 CET

GLX Holding AS, the holding company of Glamox, closes 2025 with improved
profitability and robust performance

Fourth quarter 2025
• Order intake down 8.2% at NOK 1,210 million (1,318)
• Total revenue and other operating income down 2.4% at NOK 1,139 million
(1,167)
• Adjusted EBITA down 1.8% at NOK 171 million (174)
• Adjusted EBITA margin up at 15.1% (14.9%)
• Net cash flow from operating activities at NOK 220 million (283)

Financial Year 2025
• Order intake up 4.9% at NOK 4,694 million (4,476)
• Total revenue and other operating income down 0.9% at NOK 4,447 million
(4,487)
• Adjusted EBITA up 1.5% at NOK 680 million (670)
• Adjusted EBITA margin up 0.4 percentage points to 15.3% (14.9%)
• Net cash flow from operating activities at NOK 497 million (691)
• Leverage ratio at 2.5x (2.6x)

Oslo, Norway, 26 February 2026 – GLX Holding AS, the holding company of Glamox
AS, a leading lighting company, today announced its results for the fourth
quarter and preliminary full-year 2025. In the recent quarter, it reported
revenue growth in its Marine, Offshore & Wind (MOW) division, while its
Professional Building Solutions (PBS) division was affected by the sector-wide
softness in the construction of new non-residential buildings in Europe. The
full year was marked by a strong Group performance with improved profitability
and margins, alongside ongoing operational improvements.

In the fourth quarter, total revenue and other operating income declined by
2.4%, reflecting continued softness in non-residential newbuild activity in PBS
and project delivery timing in MOW. The MOW division achieved year‑on‑year
quarterly revenue growth, driven by strong execution in its Wind Energy and
Defence & Security verticals. Overall, adjusted EBITA for the quarter was NOK
171 million (174), with an improved adjusted EBITA margin of 15.1% (14.9). The
comparative order intake was expected to show a decline due to two of the
largest orders in the company’s history in the final quarter of 2024.

For the full-year 2025, total revenue and other operating income amounted to NOK
4,447 million (4,487), representing a modest decline of 0.9%. Adjusted EBITA for
2025 increased 1.5% to NOK 680 million (670), with the adjusted EBITA margin up
0.4 percentage points to 15.3% (14.9%). Order intake was up 4.9% at NOK 4,694
million (4,476), demonstrating healthy fundamentals. The company’s share of
connected lighting and light management systems as a percentage of sales grew to
49% and 23%, respectively.

Astrid Simonsen Joos, Group CEO of Glamox, commented: “During the fourth
quarter, our Marine, Offshore & Wind division experienced revenue growth, driven
by progress on major projects. Our Professional Building Solutions division
still faced sector-wide softness in the construction of new non-residential
buildings in Europe. Despite this, we made significant progress in innovation
and digitalisation, improved our operational efficiency, and improved our
adjusted EBITA margin.

“Overall, 2025 saw a robust performance given current market conditions. We
believe Glamox to be in better shape than last year. Despite some headwinds in
the non-residential buildings market, we maintained strong execution of our
strategy, improved our operations, achieved solid cost control, and increased
adjusted EBITA. These results reflect our team's dedication and the resilience
of our business. We are on a good trajectory for 2026.”

Please find attached the full GLX Holding AS interim report for the 4th quarter
and preliminary full-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
2,000 professionals with sales and production in Europe, Asia, and North
America. In 2025, its annual revenues were NOK 4,447 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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666880_GLX Holding AS 4th quarter report 2025.pdf