GLX Holding AS: Q1 2026 performance in line with expectations

21 May 2026 07:30 CEST

GLX Holding AS, the holding company of Glamox, reports a first-quarter
performance in line with expectations

First quarter 2026
• Relatively stable Group revenues driven by strong growth in Marine, Offshore &
Wind (MOW) and continued market headwinds impacting Professional Building
Solutions (PBS)
• Increased Adjusted EBITA margin to 15.2% (14.7), demonstrating robust
performance and effective cost-control
• Order intake down, reflecting high comparables in MOW and soft non-residential
building construction in PBS
• Order stock up 7.2% at NOK 1,765 million (1,646)
• Stable net cash flow from operating activities of NOK 103 million (108)
• Refinancing of bond and Revolving Credit Facility completed

Oslo, Norway, 21 May 2026 – GLX Holding AS, the holding company of Glamox AS, a
leading lighting company, today announced a first-quarter performance in line
with expectations. Despite a challenging macroeconomic environment, it reported
revenue growth in its Marine, Offshore & Wind (MOW) division, supported by
strong development in its Wind Energy and Defence & Security verticals. An
improved adjusted EBITA margin, along with the successful issuance of a new EUR
225 million five‑year senior secured bond and refinancing of the Revolving
Credit Facility, enhanced the Group’s liquidity profile.

Total revenue and other operating income declined by 1.7%, impacted by varied
external market conditions. The MOW division achieved year on year quarterly
revenue growth of 17%. This growth offset a decline in Professional Building
Solutions (PBS) revenues, driven by softness in the construction of new
non-residential buildings in Europe. Adjusted EBITA for the quarter was NOK 168
million (166), with an improved adjusted EBITA margin of 15.2% (14.7). This
quarter's order intake declined, largely as expected, due to a combination of
market headwinds, the project nature of the business, and a strong comparable
first quarter last year.

Astrid Simonsen Joos, Group CEO of Glamox, commented, “I am pleased with our
positive start to the year across the business, especially given the current
market challenges. We saw strong revenue growth for our MOW division, increased
order stock, and improved cost efficiency supporting a higher adjusted EBITA
margin. At the same time, we’ve strengthened our market focus, deepened our
customer insights, and continued to improve our sales processes through the
delivery of our Commercial Excellence programme and our renewed digitalisation
efforts.”

“Our strategic focus on high-growth verticals such as Wind Energy and Defence &
Security helped to increase this quarter’s revenues in our MOW division by 17%.
While our PBS division faced market headwinds, our strong expertise in
delivering lighting solutions for retrofit and renovation projects helped to
maintain a healthy pipeline of contract wins. As our customers place a renewed
focus on energy efficiency and sustainability, we are also seeing a strong
appetite for our connected lighting and light management systems.”

“Going forward, our ability to withstand the current market uncertainties has
been further strengthened by effective operational and cost-improvement
initiatives. Additionally, this quarter, we have issued a new five-year senior
secured bond and refinanced our Revolving Credit Facility. With disciplined
execution, a strong cost focus, and a diversified business model, we are
well-positioned to manage short-term volatility while continuing to build
long-term value. Overall, I am pleased with our relative performance this
quarter and look forward to building on our strong foundations for the rest of
this year.”

Please find attached the full GLX Holding AS interim report for the 1st quarter
of 2026.

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. Glamox is
committed to becoming a net zero company by 2045, with science based targets
covering emissions across its entire value chain.

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.

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674072_GLX Holding AS 1st quarter report 2026.pdf