GLX Holding (GLX) Q4 2025 earnings summary

Executive summary

• Achieved robust financial performance in FY 2025, with adjusted EBITA up 1.5% to NOK 680 million and margin improving to 15.3% year-over-year, driven by strategic execution, cost efficiencies, and operational initiatives.

• Order intake grew 4.9% to a record NOK 4,694 million, supported by strong growth in Marine, Offshore & Wind (MOW), while Professional Building Solutions (PBS) maintained stable order intake and gained market share despite headwinds.

• MOW segment drove growth with major contract deliveries in Defence & Security and Wind Energy, while PBS faced challenges in non-residential newbuilds.

• Continued progress on sustainability, innovation, and digitalisation, focusing on connected lighting and smart solutions.

Financial highlights

• FY 2025 adjusted total revenue was NOK 4,447 million, a 0.9% decrease year-over-year; Q4 2025 revenue was NOK 1,134 million, down 2.8% year-over-year.

• Adjusted EBITA for FY 2025 increased by 1.5% to NOK 680 million; margin improved to 15.3% (up 0.4 pp).

• Net cash flow from operating activities was NOK 497 million, down from NOK 691 million in 2024, mainly due to higher inventory levels.

• Net profit for FY 2025 was NOK 151 million, up from NOK 83 million in 2024.

• Order stock increased 14.4% to NOK 1,749 million.

Outlook and guidance

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

• External forecasts indicate a medium-term recovery in new non-residential construction, though timing is uncertain due to market volatility.

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

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