GLX Holding (GLX) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with 6.7% revenue growth, 19.0% increase in order intake, and adjusted EBITA up 45.6% to NOK 166 million, with margin rising to 14.7% from 10.8%.

• Net profit reached NOK 39 million, reversing a loss of NOK 14 million in Q1 2024.

• Secured substantial contracts in Navy, Offshore Wind, and Commercial Marine, driving strong activity in MOW segment.

• Retrofit and renovation demand remained robust in PBS, especially in core Nordic markets.

• Progressed on Green Light strategy, focusing on growth, sustainability, and operational improvements.

Financial highlights

• Q1 2025 group adjusted revenue reached NOK 1,126 million, up 6.7% year-over-year; order intake was NOK 1,304 million, up 19.0%.

• Adjusted EBITA for Q1 2025 was NOK 166 million, a 45.6% increase year-over-year; margin improved by 3.9 percentage points to 14.7%.

• Net cash flow from operating activities was NOK 108 million, up from NOK 22 million in Q1 2024.

• Net interest-bearing debt stood at NOK 2,013 million; leverage ratio decreased to 2.4x at end of Q1 2025.

• Equity ratio was 30.0% as of March 31, 2025.

Outlook and guidance

• Market fundamentals supported by energy savings, refurbishment activity, regulation, and connected lighting trends.

• Positive long-term growth prospects based on energy efficiency, digitalisation, and stricter environmental regulations.

• Near-term visibility remains uncertain due to macroeconomic and geopolitical factors, but the company is agile and well-positioned.

• Continued execution of Green Light strategic priorities and net-zero operations by 2030.