GLX Holding (GLX) Q2 2024 earnings summary

Executive summary

• Achieved solid revenue growth and margin expansion in Q2 2024, driven by strong demand for sustainable lighting, especially in Marine, Offshore & Wind (MOW) segments.

• Continued progress on environmental and strategic priorities, including SBTi verification of net-zero targets.

• Focused on manufacturing optimisation, digitalisation, and sustainability initiatives.

• Enhanced brand recognition through rebranding and launched new DEI initiatives.

• Robust business model with diverse revenue streams and resilience to market cycles.

Financial highlights

• Q2 2024 group adjusted revenue reached NOK 1,147 million, up 8.2% year-over-year; YTD 2024 revenue at NOK 2,203 million, up 4.8%.

• Adjusted EBITA for Q2 2024 was NOK 167 million, a 51.5% increase year-over-year; margin improved to 14.5% from 10.4%.

• Q2 2024 order intake was NOK 1,110 million, up 4.7% year-over-year; order stock at NOK 1,338 million.

• Net cash flow from operating activities at NOK 214 million YTD and NOK 191 million in Q2 2024.

• Loss for the period was NOK -15 million, impacted by NOK 46 million in special items.

Outlook and guidance

• Market fundamentals remain strong, driven by energy savings, refurbishment activity, regulation, and connected lighting trends.

• Positive long-term growth prospects driven by demand for energy-efficient lighting and investments in offshore energy and wind sectors.

• External forecasts indicate medium-term recovery in newbuild construction for professional buildings.

• Well-positioned to capitalize on growth opportunities through the Green Light Strategy.

• Continued focus on implementing Green Light Strategic Priorities and environmental excellence.