GLX Holding (GLX) Q3 2024 earnings summary

Executive summary

• Achieved 7.4% year-over-year revenue growth in Q3 2024, reaching NOK 1,117 million, with strong profitability and a 67.7% increase in adjusted EBITA to NOK 215 million, driven by high activity in Marine, Offshore & Wind (MOW) and energy-efficient lighting demand.

• Enhanced market position in defence and navy lighting through the acquisition of MARL International, contributing NOK 28 million in revenue in Q3.

• Continued execution of the Green Light strategy, focusing on growth, operational improvements, and sustainability.

• Cash flow from operating activities improved by NOK 30 million year-over-year, and leverage reduced to 3.0x.

Financial highlights

• Q3 2024 adjusted total revenue reached NOK 1,117 million, up 7.4% year-over-year; YTD 2024 revenue was NOK 3,320 million, up 5.6%.

• Adjusted EBITA for Q3 2024 was NOK 215 million, a 67.7% increase year-over-year; YTD 2024 adjusted EBITA was NOK 496 million, up 31.4%.

• Adjusted EBITA margin improved to 19.3% in Q3 2024 from 12.3% in Q3 2023.

• Q3 2024 order intake was NOK 952 million, down 3.6% year-over-year.

• Net profit for the period was NOK 61 million, reversing a loss of NOK 11 million in Q3 2023.

Outlook and guidance

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

• Positive long-term growth prospects driven by demand for energy-efficient lighting and stricter environmental regulations.

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

• Continued focus on executing strategic priorities and expanding through innovation and partnerships.