GLX Holding (GLX) Q3 2025 earnings summary

Executive summary

• Order intake increased by 5.2% year-over-year to NOK 1,002 million, driven by strong performance in Marine, Offshore & Wind (MOW) and renewed momentum in Professional Building Solutions (PBS).

• Achieved strong strategic execution and maintained margin discipline despite a mixed market environment.

• Continued progress on the Green Light strategy, focusing on retrofit opportunities, smart lighting, and high-growth verticals.

• Major contract wins in smart lighting for commercial buildings, defense sectors, and MOW, including projects for Hornsea 3 offshore wind farm and UK/Canadian naval vessels.

• Advanced digital transformation initiatives, including rollout of the myGlamox customer portal.

Financial highlights

• Q3 2025 adjusted total revenue and other operating income was NOK 1,075 million, down 3.8% year-over-year; year-to-date revenue was NOK 3,302 million, a 0.5% decrease.

• Adjusted EBITA for Q3 2025 was NOK 185 million, a 14.1% decline year-over-year; year-to-date adjusted EBITA increased by 2.7% to NOK 509 million.

• Adjusted EBITA margin for Q3 2025 was 17.2%, down from 19.3% last year; year-to-date margin improved to 15.4%.

• Net profit for the period was NOK 56 million, down from NOK 61 million in Q3 2024.

• Net cash flow from operating activities was NOK 121 million, mainly due to inventory build-up.

Outlook and guidance

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

• Long-term growth prospects remain positive, supported by demand for energy-efficient smart lighting and investments in offshore energy, navy, and wind sectors.

• Near-term visibility is uncertain due to macroeconomic and geopolitical factors, but positioned to capitalize on growth opportunities through the Green Light Strategy.

• External forecasts indicate a potential recovery in newbuild construction in the medium term, though timing remains uncertain.

• Continued focus on innovation, sustainability, and digitalization to drive future growth.