GLX Holding (GLX) Q2 2025 earnings summary

Executive summary

• Adjusted EBITA margin stable at 14.4% in Q2 2025, with year-to-date margin up 1.9 percentage points to 14.6% and adjusted EBITA up 15.6% year-over-year, reflecting operational improvements and a favorable product mix.

• Order intake up 6.1% year-over-year in Q2 2025, driven by strong Marine, Offshore & Wind (MOW) performance and major offshore wind contracts, while Professional Building Solutions (PBS) faced softness in newbuild construction but steady retrofit demand.

• Green Light strategy progressing, focusing on growth, innovation, and sustainability, with connected lighting now accounting for 45% of sales.

• Strategic initiatives included the launch of a new energy-efficient luminaire, completion of production transfer to Poland, and compliance with new cybersecurity regulations.

• Market fundamentals supported by energy savings, refurbishment activity, regulation, and smart lighting solutions.

Financial highlights

• Q2 2025 order intake: NOK 1,178 million (+6.1% YoY); year-to-date: NOK 2,481 million (+12.5% YoY).

• Q2 2025 total revenue: NOK 1,102–1,107 million (down 3.6–4.0% YoY); year-to-date: NOK 2,228–2,233 million (up 1.1–1.3% YoY).

• Q2 2025 adjusted EBITA: NOK 158 million (down 4.9% YoY); year-to-date: NOK 324 million (up 15.6% YoY).

• Q2 2025 net profit: NOK 26 million (vs. loss of NOK 15 million in Q2 2024).

• Q2 2025 net cash flow from operating activities: NOK 49 million (down from NOK 191 million YoY), impacted by higher tax payments and working capital movements.

Outlook and guidance

• Green Light strategy on track, with continued focus on operational progress, innovation, and sustainability.

• Market recovery in newbuild construction expected in the medium term, though timing remains uncertain due to macroeconomic and geopolitical factors.

• Continued demand for energy-efficient and smart lighting solutions anticipated, with long-term growth prospects supported by investments in offshore energy, navy, and wind sectors.