Slides
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13 November 2025 GLX Holding AS Interim presentation 3rd quarter 2025
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Largest shareholders Triton (~76%) and Must (~24%) / Creating light for a better life Total revenue MNOK (LTM Q3 2025) 4,474 683 Adjusted EBITA MNOK (LTM Q3 2025) ~2,000 Full time employees Main production sites 4 Global customer footprint Values / Competent, Committed, Connected, Responsible / We provide sustainable lighting solutions that improve the performance and well-being of people 4,801 >98% of luminaries delivered with LED This presentation contains alternative performance measures (APMs). APMs are described in the GLX Holding AS Interim report 3rd quarter 2025. Order intake MNOK (LTM Q3 2025) Light Management Systems as % of total revenues (LTM Q3 2025) Connected lighting 45%19% Countries worldwide 17 Located in
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Solid profitability and strategic wins in a mixed market / Q3 2025 highlights Strong strategic execution and margin discipline • Order intake up 5.2%, driven by solid MOW performance and a return to positive momentum in PBS • Solid adjusted EBITA margin at 17.2% for the quarter. Adjusted EBITA up 2.7% year to date, driven by MOW revenue growth, favourable mix, and ongoing cost- efficiency gains • Continued momentum in Light Management Systems and Connected Lighting, the latter now representing 45% of total revenues year-to-date • Innovation progress: Key LMS launch and empowering customer self-service and choice • Green Light strategy progressing well – prioritising retrofit opportunities, smart lighting expansion, and high-growth verticals 1 Change Q3 2025 vs Q3 2024. See note 6 in the GLX Holding AS Q3 2025 report for impact of MARL International 1,075 (3.8%)1 185 (14.1%)1 17.2% (2.1) pp1 Adjusted total revenue and other operating income (NOK million) Adjusted EBITA (NOK million) Adjusted EBITA margin Q3 2025 Adjusted EBITA (NOK million) 12%1 3 609 670 722 713 683 LTM Q3 24 FY 24 LTM Q1 25 LTM Q2 25 LTM Q3 25
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Glamox lights Oslo’s Construction City with advanced wireless smart lighting • Glamox selected to deliver ~12,000 smart LED luminaires to Oslo’s (Norway) landmark Construction City – a 103,000 m² BREEAM Excellent office hub. • Lighting setup time cut from ~12 to ~4 months using Bluetooth- enabled wireless tech, boosting delivery speed and cost-efficiency. • Sustainability Focus - smart sensors support daylight harvesting and presence detection, contributing to BREEAM certification and energy savings. • Advanced Wireless Setup - A wireless setup connects most luminaires, showcasing scalable and flexible smart lighting. • Partnership strengthened through training and co-development of commissioning tools. • Construction City highlights Glamox’s smart lighting capabilities and reinforces its position in the Nordic commercial segment. Glamox smart lighting – Construction City Smart, fast, sustainable: Glamox lights up Construction City with 12,000 wireless luminaires “
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Glamox provides helicopter visual landing aid systems for two UK Royal Navy warships • Glamox delivered helicopter visual landing aid systems to HMS Trent and HMS Spey, boosting UK Royal Navy capabilities in demanding conditions. • HMS Trent completed trials of the HVLAS1 system, proving performance in rough seas and night ops with Wildcat helicopters. • The system enables coalition helicopter operations and includes covert-mode lighting for mission adaptability. • HVLAS features stabilised horizon bars, glide path indicators, and deck-edge lighting — reinforcing Glamox’s defence lighting innovation. • Real-world impact - HMS Trent has been deployed in the Caribbean, supporting counter-narcotics and humanitarian missions. Strategic defence contract win – Nytt bilde til Q3 1 Helicopter Visual Landing Aid System
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Financial Performance
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xx% xx.x% xx.x%xx% Q3 2025 Financial highlights - Group Strong order intake across divisions; revenue declines, profitability improves year to date Group adjusted EBITA (NOK million)Group adjusted total revenue and other operating income (NOK million) Adj. EBITA margin (%) 19.3% 17.2% 3% • Group adjusted total revenues amounted to NOK 1,075 million in Q3 2025, reflecting a 3.8% YoY decline. YTD revenues reached NOK 3,302 million, representing a 0.5% decrease compared to the same period last year • Currency adjusted revenue declined by 5.6% YoY in Q3 2025, while decreasing by 2.3% YTD 2025 YoY • Order intake for Q3 2025 amounted to NOK 1,002 million, reflecting a YoY increase of 5.2%. On a YTD basis orders totalled NOK 3,483 million, corresponding to a 10.3% increase YoY • Q3 2025 driven by continued momentum in MOW. PBS regained positive momentum, a potential early sign that the previous downward trend is stabilising • In Q3 2025, the Group reported adjusted EBITA of NOK 185 million, representing a YoY decline of 14.1%. On a YTD basis, adjusted EBITA increased by 2.7% compared to the same period in 2024 • The Group’s adjusted EBITA margin for Q3 2025 was 17.2% (19.3%), down YoY. On a YTD basis, the margin improved to 15.4%, up 0.5 percentage points YoY • The quarterly EBITA margin was primarily driven by lower adjusted revenue, changes in product and customer mix across both divisions, partly offset by the positive impact of ongoing operational and cost-efficiency initiatives • Limited currency impact on adjusted EBITA due to balanced production footprint 71 See note 6 in the GLX Holding AS Q3 2025 report for impact of MARL International * * * 11 1 117 1 075 3 320 3 302 Q3 24 Q3 25 YTD 24 YTD 25 215 185 496 509 Q3 24 Q3 25 YTD 24 YTD 25 (4%) (1%) 14.9% 15.4% (14%)
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x% xx.x%xx.x%xx% Q3 2025 Financial highlights - Professional Building Solutions (PBS) Order intake up, revenue affected by soft construction activity and project delays PBS Order intake (NOK million) PBS adjusted total revenue and other operating income (NOK million) • Adjusted revenues for Q3 2025 declined by 4.6% YoY to NOK 704 million. On a YTD basis, revenues decreased by 3.6% compared to the same period in 2024 • Demand for retrofit and renovation projects has remained steady, particularly in Germany, Sweden, and Denmark • The market for professional building new construction activity remains soft • Major market drivers: • Heightened focus on energy prices increasing the attractiveness to invest in modern lighting solutions, in particular LMS solutions • New building standards and environmental regulations driving demand for LED retrofit solutions (RoHS2 directive banning fluorescent tubes in EU) • Order intake for Q3 2025 increased by 2.6% YoY to NOK 697 million. On a YTD basis, order intake decreased by 0.7% compared to the same period in 2024 • Market signals remain mixed, with stable demand for retrofit and renovation across several core European markets, contrasted by weaker sales in other areas due to economic uncertainty, slower non-residential construction activity, and customer-initiated project delays • External1 forecast indicates a newbuild construction recover in the medium term, though timing remains uncertain due to market volatility 8 No exposure to residential newbuild 1 Euroconstruct and Prognosesenteret 2 Restriction of Hazardous Substances in Electrical and Electronic Equipment (RoHS). EU rules restricting the use of hazardous substances in electrical and electronic equipment to protect the environment and public health. 738 704 2 311 2 229 Q3 24 Q3 25 YTD 24 YTD 25 679 697 2 230 2 214 Q3 24 Q3 25 YTD 24 YTD 25 (5%) 3% (4%) (1%)
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xx% xx.x%x.x%xx% Q3 2025 Financial highlights - Marine, Offshore & Wind (MOW) • Order intake for Q3 2025 amounted to NOK 305 million, reflecting a YoY increase of 11.5%. On a YTD basis, order intake rose by 36.8% compared to the same period in 2024 • Quarterly sales remained strong in both Commercial Marine and Defence & Security, securing major contract wins • Year-to-date we experience strong demand for energy-efficient lighting across Commercial Marine, Offshore Wind, and Defence & Security verticals • Multiple mid-sized wins, reinforcing our strategic position across high-growth verticals • Order stock remains high at NOK 1,177 million (858) Strong order intake growth driven by Commercial Marine and Defence & Security MOW Order intake (NOK million) MOW adjusted total revenue and other operating income (NOK million) 12% • Adjusted revenues for Q3 2025 came in at NOK 370 million, a YOY decline of 2.2%. On a YTD basis, revenues increased by 6.4% compared to the same period in 2024 • The quarterly revenue development was mainly driven by the Commercial Marine • Offshore Energy saw a decline impacted by newbuild and MRO activity in the North Sea • Results were also affected by cyclical delivery patterns in other verticals • Major market drivers: • Sustained demand in vessel newbuilding activity • Maintenance, repair, and operations (MRO) market remains solid with ship owners having to comply with accelerating energy efficiency schemes 9 (2%) * * 1 See note 6 in the GLX Holding AS Q3 2025 report for impact of MARL International 379 370 1 009 1 074 Q3 24 Q3 25 YTD 24 YTD 25 273 305 928 1 269 Q3 24 Q3 25 YTD 24 YTD 25 11 6% 37%
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Cash flow year to date 2025 Cash flow driven by increased operating profit, offset by working capital development, other operating changes and interest payments 437 137 -177 -120 -24 -18 -242 -39 -14 712 652 NOK million Cash at 31.12.2024 Depreciation, amortization and impairment Changes in working capital Other operating changes Purchase and proceeds of assets Other investing activities Debt and interests paid Dividend paid Effect of change in exchange rates Cash at 30.9.2025 Operating profit 1 The estimated total currency impact on the core working capital elements (inventory, trade receivables, and trade payables) in the Net cash flow from operating activities was positive of NOK 2 million. 10 Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities NOK -282 million NOK -42 million NOK 277 million1
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Financial position Leverage ratio at 2.6x end of Q3 2025 Net debt NOK million Leverage ratio1 / Key comments • Net debt of NOK 2,074 million • Leverage ratio at 2.6x end of Q3 2025 • Increased level of interest-bearing debt due to decreased adjusted EBITDA LTM • The Group’s borrowings consist of long-term senior secured notes of NOK 1,350 million and a revolving credit facility (RCF) of NOK 1,400 million • As of 30 September 2025, the total liquidity reserve is NOK 783 million (701) 1 Net interest-bearing debt divided by adjusted EBITDA last twelve months Net debt NOK million Leverage ratio1 11 2 194 2 032 2 013 2 065 2 074 3,0 2,6 2,4 2,5 2,6 0 2 4 6 500 1 000 1 500 2 000 2 500 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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Summary Strong strategic execution and margin discipline Adjusted EBITA margin at 17.2% Market fundamentals and industry dynamics driven by energy savings, refurbishment activity, regulation, and smart lighting solutions Order intake up 5.2%, driven by solid MOW performance and a return to positive momentum in PBS 2 1 3 12 Continued progress in implementing Green Light Strategic priorities 4 Robust business model offering diverse revenue streams with different cycles 5
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Appendix
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Glamox Green Light Plan 2026 Glow & Grow – together / Creating Light for a Better Life Environmental excellence, simplification & digitalization across the value chain Innovate market driven, human centric, sustainable lighting solutions Win the market for Light Management Systems Accelerate growth in existing markets Grow people, culture & leadership 1 2 3 4 5 We provide sustainable lighting solutions that improve the performance and well-being of people Glamox shall be the preferred project partner by offering a superior customer experience / /
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Reduce energy bill Short payback time Reduce operating cost Reduce maintenance costs Reduce energy consumption Lighting controls Energy savings+ = Sustainable Energy efficient luminaires
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“This presentation (the “Presentation”) has been prepared and delivered by GLX Holding AS (“GLX” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in GLX and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction. The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or industry and markets in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. Any forward-looking statements and other information contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts based on the current expectations, estimates and projections of the Company or assumptions based on information currently available to the Company, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, neither the Company, nor any of its subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking information and statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. Any investment involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance and relations with customers. More generally an investment will involve risks related to general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. GLX is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither GLX nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Presentation speaks and reflects prevailing conditions and views as of the date of this release. It may be subject to corrections and change at any time without notice except as required by law. The delivery of this Presentation - or any further discussions of the Company with any recipient - shall not, under any circumstances, create any implication that the Company assumes any obligation to update or correct the information herein, nor any implication that there has been no change in the affairs of the Company since such date.” Disclaimer 16
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