GLX Holding (GLX) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in sales and profitability in Q4 and FY 2024, with major contract wins in Marine, Offshore & Wind (MOW) verticals and operational improvements.

• Advanced Green Light strategy and Plan 2026, focusing on sustainability, digitalisation, and operational excellence.

• Both MOW and PBS divisions contributed to growth, with MOW showing significant order intake increases and PBS maintaining solid retrofit demand despite a soft new build market.

• Market fundamentals driven by energy savings, refurbishment, regulation, and connected lighting demand.

Financial highlights

• Q4 2024 adjusted revenue rose 4.3% year-over-year to NOK 1,167 million; FY 2024 up 5.3% to NOK 4,487 million.

• Q4 2024 adjusted EBITA increased 54.1% year-over-year to NOK 174 million; FY 2024 up 36.6% to NOK 670 million.

• Adjusted EBITA margin improved to 14.9% in Q4 2024 (from 10.1%) and for FY 2024 (from 11.5%).

• Q4 2024 order intake up 12.3% year-over-year to NOK 1,318 million; FY 2024 order intake up 3.7% to NOK 4,476 million.

• Net cash flow from operating activities was NOK 283 million in Q4 and NOK 691 million for FY 2024.

Outlook and guidance

• Continued focus on growth in existing markets and innovation in sustainable lighting solutions.

• Long-term growth prospects remain positive, supported by demand for energy-efficient 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.

• Deliveries for major Navy contracts to start in 2026 and Wind contracts in H2 2025.