Interim report
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GLX Holding AS Interim report 3rd quarter glamox.com 2025 Creating light for a better life Photo Ståle Johan akleStad - Blånebba, Romsdal, Norway lies like a Sphinx among the great giants of Romsdalen, and has the rare combination of being very playful and very wild at the same time.
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glamox.com Content Click on this icon to come back to this page 1 5
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glamox.com3. This is Glamox Our values Competent We are on top of developments in our industry and translate this into value for our customers. Committed We take pride in keeping what we promise with a winning team spirit. Connected We work closely with each customer to understand and meet their needs, and join forces with colleagues to bring out the full potential of Glamox. Responsible We treat everyone with respect, hold ourselves to high ethical standards and provide solutions that benefit society and the environment. / / / / Glamox Group is a leading lighting company. We provide quality energy-efficient smart lighting solutions for professional buildings in Europe and to the world’s marine, offshore and wind markets. Headquartered in Oslo, Norway, Glamox AS is privately owned by Triton through GLX Holding AS and Fondsavanse. We employ around 2,000 professionals, with sales and production in Europe, Asia, and North America. In 2024, our annual revenues were NOK 4,487 million. The Glamox Group operates two segments - Professional Building Solutions (PBS) and Marine, Offshore & Wind (MOW). Each of the two segments are served by our Sourcing, Production & Logistics division (SPL), which operates factories and plays a central role in the procurement of components and delivery of finished goods. About Glamox Vision Creating light for a better life Our mission We provide sustainable lighting solutions that improve the performance and well-being of people.
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4. Quarterly Highlights GLX Holding AS Interim report 3rd quarter 2025 (3.8%) 5.2% 17 .2%(19.3%) Decrease in total revenue and other operating income Adjusted EBITA margin Increase in order intake Q3 20252 Q3 2024 Change 1.1-30.9.252 1.1-30.9.24 Change FY 2024 FINANCIALS Order intake MNOK 1,002 952 5.2% 3,483 3,158 10.3% 4,476 Total revenue and other operating income MNOK 1,075 1,117 (3.8%) 3,308 3,320 (0.4%) 4,487 Adjusted EBITDA1 MNOK 214 243 (12.1%) 596 586 1.6% 793 Adjusted EBITA1 MNOK 185 215 (14.1%) 509 496 2.7% 670 Adjusted EBIT1 MNOK 169 188 (10.5%) 461 403 14.5% 546 CASH FLOW Net cash flow from operating activities MNOK 121 194 (74) 277 408 (131) 691 MARGINS & RATIOS Adjusted EBITA margin1 % 17.2 19.3 (2.1 pp) 15.4 14.9 0.5 pp 14.9 Order stock1 MNOK 1,689 1,3893 21.7% 1,529 Leverage1 x 2.6 3.0 (0.4) 2.6 Equity ratio % 30.8 29.1 1.7 pp 29.8 Key figures glamox.com • 5.2% growth in order intake driven by strong performance in MOW and renewed momentum in PBS • Continued solid profitability with adjusted EBITA margin of 17.2% • Successful roll-out of customer portal – empowering customer self-service and choice Revenue Order intake Profitability All high-volume factories are now ISO 45001 certified 2 Please refer to note 6 for effects of the acquisition of MARL International on main Q3 2025 and YTD 2025 accounting figures. 3 Incl. MARL International, NOK 1,175 million excl. MARL International
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CEO reflections The third quarter was characterised by a solid performance in a mixed market environment. We saw a healthy increase in our total order intake, driven by strong growth in our Marine, Offshore & Wind (MOW) division and a return to positive momentum in our Professional Building Solutions (PBS) division. Significant contracts in MOW’s Commercial Marine and Defence and Security businesses highlighted our strategy and capacity to secure high-value projects in key verticals. Profitability remained robust throughout the quarter, underpinned by continued cost discipline and a favourable product mix, reflecting the robustness of our operating model. We also executed well on our strategic priorities, advancing our retrofit strategy and digital transformation, with a significant light management system upgrade and the ongoing successful rollout of our customer portal, myGlamox. Our order intake in the quarter reached NOK 1,002 million (952), with order stock up 21.7% compared to the same quarter last year. Growth was driven by major wins in MOW’s Commercial Marine and Defence and Security verticals, alongside multiple mid-sized contracts across other verticals. Notable announcements included a contract to light the wind turbine foundation platforms of Hornsea 3, the world’s largest single offshore wind farm; the delivery of helicopter visual landing aid systems for two UK Royal Navy warships; and licensing contracts to light three destroyers for the Royal Canadian Navy. Meanwhile, PBS returned to positive momentum with a year-on- year increase in order intake of 2.6%, supported by solid retrofit activity and by new build projects like our advanced wireless smart lighting installation for a flagship new build project at Oslo’s Construction City. Total revenue declined by 3.8%, affected by continued softness in newbuild activity in PBS and project timing and delivery schedules in MOW. We, however, believe that our relative performance remains solid in the context of current market conditions. Adjusted EBITA for the quarter was NOK 185 million (215), with a solid adjusted EBITA margin of 17.2% (19.3%). Year-to-date, we increased our adjusted EBITA by 2.7%, reflecting revenue growth in MOW, a beneficial product and customer mix across the business, and the positive effects of ongoing operational cost improvement initiatives. Year-to-date cash flow from operating activities amounted to NOK 277 million (408), and our leverage ratio stood at 2.6x (3.0). Accelerating innovation in the light management system market is one of our key priorities. We launched Vertex4, a major upgrade 5. CEO letter glamox.com >
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6. CEO letter glamox.com to our Glamox Ethernet2DALI light management system, and further extended the rollout of our myGlamox customer self-service portal to give customers more choice and to simplify and improve the customer experience. To support our ambition to grow our people, culture, and leadership capabilities, we expanded sales training and leveraged digital learning tools to strengthen core competencies. These initiatives are vital for developing a high-performing, future-ready organisation. Looking ahead, we will continue to address growth opportunities. Priorities include capitalising on retrofit projects on land and at sea, expanding our presence within smart lighting solutions, and addressing high-growth verticals such as Defence and Security and Offshore Wind. I would like to recognise everyone’s contribution at Glamox. Today, we find ourselves with a solid foundation to achieve our goals. Although market conditions differ across regions, we are well-prepared to navigate this uncertain world. We operate in diversified yet complementary markets, offering our customers quality lighting products and systems. Paired with our strong customer relationships and disciplined execution of a clear strategy, we are well-positioned for the future. Astrid Simonsen Joos Group CEO
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Green Light Strategic Aspirations Towards 2026 / Glow & Grow – together / Creating Light for a Better Life 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 / / Innovate market driven, human centric, sustainable lighting solutions Win the market for Light Management Systems Environmental excellence, simplification and digitalisation across the value chain Grow people, culture and leadership Accelerate growth in existing markets 1 2 3 4 5 7. Strategy glamox.com
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glamox.com8. Financial review Financial Review
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glamox.com9. Financial review Glamox Group Third Quarter The order intake ended at NOK 1,002 million (952), an increase of 5.2%, supported by major contracts in MOW’s Commercial Marine and Defence and Security verticals, confirming our strong position in key strategic areas, alongside multiple mid-sized contracts across other verticals. PBS has regained positive momentum, supported by strong retrofit and renovation demand, particularly in Germany, Sweden, and Denmark, despite continued softness in new non- residential construction across several regions. These diverse yet complementary divisions collectively provide a resilient foundation for our business model and growth strategy. The Glamox Group’s adjusted total revenue and other operating income came in at NOK 1,075 million (1,117), a decrease of 3.8% from Q3 2024. MOW saw a decline of 2.2%, mainly related to lower deliveries to the newbuild and MRO markets in offshore energy in the North Sea. Commercial Marine continued to show positive momentum. PBS saw a 4.6% decline, primarily due to continued softness in the non-residential new construction market, while demand for energy-efficient lighting for renovation and retrofit projects remained steady. Estimated currency effects continued to have a positive gross impact on the Glamox Group’s financial statements. Adjusted revenue declined by 5.6%, accounting for estimated currency translation effects. Total operating expenses amounted to NOK 919 million (953), a decrease of 3.6%. Raw materials and consumables decreased by 6.6%, while payroll and related costs increased by 2.6%. Amortisation of certain tangible and intangible assets was finalised in Q4 2024, resulting in a reduction in amortisation expenses of NOK 14 million during the quarter. We made good progress with our ‘Fit for Growth’ projects, with our simplification and digitalisation initiatives set to enhance operational performance in 2025. Adjusted EBITA was NOK 185 million (215), reflecting a decrease of 14.1%. The adjusted EBITA margin came in at 17.2%, down from 19.3% last year, a 2.1 percentage point decline. This development 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. Thanks to our balanced production footprint, currency effects on adjusted EBITA remained limited. Net Financial items ended at NOK -73 million (-76), a decrease of 4.0%. The profit for the period ended at NOK 56 million (61). Y ear to date The order intake ended at NOK 3,483 million (3,158), an increase of 10.3%. MOW experienced an increase of 36.8%, supported by substantial contract awards in the Commercial Marine, Defence and Security, and Offshore Wind verticals, whereas the PBS order intake was slightly down at -0.7%. The Glamox Group’s adjusted total revenue and other operating income came in at NOK 3,302 million (3,320), a decrease of 0.5% from year-to-date 2024. Revenue decline was 2.3% when adjusted for estimated currency translation effects. Total operating expenses amounted to NOK 2,870 million (2,994), a decrease of 4.1%. Raw materials and consumables decreased by 5.5%, while payroll and related costs were stable. Adjusted EBITA ended at NOK 509 million (496), an increase of 2.7%. The adjusted EBITA margin came in at 15.4% (14.9%), an increase of 0.5 percentage points. The margin improvement was mainly due to revenue growth in MOW, a beneficial product and segment mix, and improved cost efficiencies in operations. NOK million Q3 20252 Q3 2024 Change 1.1-30.9.252 1.1-30.9.24 Change FY 2024 Order intake 1,002 952 5.2% 3,483 3,158 10.3% 4,476 Adjusted total revenue and other operating income1 1,075 1,117 (3.8%) 3,302 3,320 (0.5%) 4,487 Adjusted EBITA1 185 215 (14.1%) 509 496 2.7% 670 Adjusted EBITA margin1 17.2% 19.3% (2.1 pp) 15.4% 14.9% 0.5 pp 14.9% Order stock1 1,689 1,3893 21.7% 1,529 Adj. EBITA margin1 (%) Group adjusted total revenue and other operating income1 (NOK million) 3,320 496 Q3 24 YTD 24 1,117 215 1,075 185 3,302 509 Q3 25 YTD 25 Q3 24 YTD 24Q3 25 YTD 25 (4%) 19.3% 14.9%17.2% 15.4% Group adjusted EBITA1 (NOK million) (1%) 3% Q3 24 YTD 24Q3 25 YTD 25 (14%) 3 Incl. MARL International, NOK 1,175 million excl. MARL International
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glamox.com10. Financial review Professional Building Solutions Third Quarter PBS order intake regained positive momentum, increasing by 2.6% year-on-year to NOK 697 million (679). Demand for retrofit and renovation projects has remained steady, particularly in Germany, Sweden, and Denmark. Sales in other markets were more notably impacted by economic uncertainty, the slowdown in non-residential construction activity, and customer-initiated delays in project execution. The order stock in PBS declined by 3.5% to NOK 512 million (530), marking a modest decrease as the temporary surge driven by the RoHS1 directive in late 2023 and early 2024 began to normalise. The adjusted total revenue and other operating income for PBS decreased by 4.6% to NOK 704 million (738). There was a steady demand for retrofit and renovation projects, with activity levels varying by region. Demand was driven by the RoHS directive, EU investments in energy-efficient buildings, the shift to LED lighting, and the growth of smart lighting systems. Meanwhile, the newbuild market for non- residential buildings remained soft across multiple regions. External forecasts2 suggest a potential recovery in non-residential new construction activity towards the end of 2025 and into 2026. While the timing remains uncertain, due to broader market volatility, projections for the next two years point to a gradual and cautious increase in project initiations. Y ear to date Despite solid activity in Sweden, Denmark, Germany, and the Netherlands, PBS order intake decreased by 0.7% to NOK 2,214 million (2,230). The adjusted total revenue and other operating income for PBS decreased by 3.6% to NOK 2,229 million (2,311). The main growth contributors were Sweden and Denmark, compared to the same period last year. NOK million Q3 2025 Q3 2024 Change 1.1-30.9.25 1.1-30.9.24 Change FY 2024 Order intake 697 679 2.6% 2,214 2,230 (0.7%) 3,055 Adjusted total revenue and other operating income3 704 738 (4.6%) 2,229 2,311 (3.6%) 3,116 Order stock3 512 530 (3.5%) 539 PBS adjusted total revenue and other operating income3 (NOK million) Q3 24 Q3 24 YTD 24 YTD 24 738 679 2,311 2,230 704 697 2,229 2,214 Q3 25 Q3 25 YTD 25 YTD 25 3% PBS Order intake (NOK million) (1%) (5%) (4%) 1 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. 2 Euroconstruct and Prognosesenteret in Norway
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glamox.com11. Financial review Marine, Offshore & Wind Third Quarter Total order intake increased by 11.5% to NOK 305 million (273). Sales remained strong, driven by major contracts in Commercial Marine and Defence and Security verticals, alongside multiple mid-sized contracts across other verticals. This reinforces Glamox’s strategic position in high-growth verticals. As the MOW division is largely project- driven, the timing of individual contracts will continue to have a substantial impact on a quarterly basis. The order stock in MOW rose by 37.2% to NOK 1,177 million (858), driven by major contract awards secured in the previous and current quarters. MARL International order stock is included at NOK 228 million. The underlying activity level across most key verticals remains robust, but volatile. The adjusted total revenue and other operating income for the MOW division decreased by 2.2% to NOK 370 million (379). Revenue growth was mainly driven by Commercial Marine, offset by Offshore Energy and by the timing of deliveries in other verticals. Offshore Wind and Defence and Security are expected to generate further opportunities in both the short and long term. Y ear to date Order intake for MOW rose by 36.8% to NOK 1,269 million (928), driven by strong demand for energy-efficient lighting across Commercial Marine, Offshore Wind, and Defence and Security verticals. This was driven by both retrofit and new build projects, reflecting the industry's continued efforts to align with emission reduction targets. Increased defence spending also contributed to growth in the Defence and Security vertical. Adjusted total revenue and other operating income for MOW increased by 6.4% to NOK 1,074 million (1,009), with Commercial Marine showing particularly solid development. NOK million Q3 20252 Q3 2024 Change 1.1-30.9.252 1.1-30.9.24 Change FY 2024 Order intake 305 273 11.5% 1,269 928 36.8% 1,421 Adjusted total revenue and other operating income1 370 379 (2.2%) 1,074 1,009 6.4% 1,371 Order stock1 1,177 8583 37.2% 990 MOW adjusted total revenue and other operating income1 (NOK million) Q3 24 Q3 24 YTD 24 YTD 24 379 273 1,009 928 370 305 1,074 1,269 Q3 25 Q3 25 YTD 25 YTD 25 (2%) 12% MOW order intake (NOK million) 6% 37% 3 Incl. MARL International, NOK 645 million excl. MARL International
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glamox.com12. Cash flow Cash flow Third Quarter Net cash flow from operating activities amounted to NOK 120.5 million (194.4). The decline primarily reflects working capital movements. Inventory increased by NOK 80.2 million, primarily driven by higher A-goods stock levels and elevated floodlight production following insourcing earlier in 2025. This supports delivery reliability and improves readiness for upcoming projects. Trade payables also contributed negatively at NOK 25.6 million (12.5), driven by the timing of supplier settlements. Trade receivables were relatively stable, with a minor outflow of NOK 3.2 million compared to an inflow of NOK 14.6 million last year. Operating profit decreased to NOK 155.6 million (163.6), while tax payments were significantly lower at NOK 4.6 million (37.4), reversing timing effects of when tax is paid from Q2 2025, partially offsetting the impact of working capital changes. Overall, the reduction in operating cash flow reflects timing effects and inventory build-up due to production insourcing. The underlying operational performance remains positive, and we continue to focus on improving cash conversion going forward. Net cash flow from investing activities amounted to NOK -33.4 million (-68.6) and was related to investments in tangible fixed assets, intangible assets, and payment of contingent considerations. Net cash flow from financing activities was NOK -95.2 million (-97.9). This included net interests paid of NOK -63.0 million, a dividend distribution of NOK -13.1 million to non-controlling interests, repayment of long-term debt of NOK 0.5 million, and lease payments including interest of NOK -18.5 million. The net change in cash and cash equivalents for the period was NOK -8.0 million (27.9), with exchange rate effects of NOK 11.7 million (1.8), resulting in a cash balance of NOK 651.8 million, up from NOK 648.1 million at the end of Q2 2025. Y ear to date Net cash flow from operating activities amounted to NOK 277.3 million, down from NOK 407.9 million in the same period last year. The decrease is mainly attributable to higher inventory levels, which increased by NOK 130.2 million compared to a positive NOK 23.7 million last year. Trade receivables improved significantly compared to last year, with an outflow of NOK 42.1 million versus NOK 128.1 million. Taxes paid were higher at NOK 92.2 million versus NOK 61.3 million, reflecting stronger profitability and the timing of payments. Operating profit rose markedly to NOK 437.4 million from NOK 326.3 million, partially mitigating the impact of working capital changes. The estimated currency impact on core working capital components (inventory, trade receivables, and trade payables) in the cash flow statement resulted in a positive effect of NOK 1.9 million. NOK million Q3 2025 Q3 2024 Change 1.1-30.9.25 1.1-30.9.24 Change FY 2024 Net cash flow from operating activities 120 504 194 413 -73 910 277 257 407 935 -130 678 691,103 Net cash flow from investing activities -33 385 -68 596 35 210 -42 262 -101 245 58 983 (118,035) Net cash flow from financing activities -95 159 -97 916 2 757 -281 735 -289 847 8 111 (386,423) Net change in cash and cash equivalents -8 040 27 902 -35 943 -46 740 16 843 -63 583 186,645
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glamox.com13. ESG Update Capital structure Significant risks and uncertainties Sustainability Outlook As of 30 September 2025, the equity amounted to NOK 1,750 million (1,626), corresponding to an equity ratio of 30.8% (29.1%). Net interest-bearing debt was NOK 2,074 million (2,194), an increase from NOK 2,032 million as of 31 December 2024. The leverage ratio was 2.6x (3.0x), stable from 2.6x as of 31 December 2024. The Glamox 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 was NOK 783 million (701), compared to NOK 852 million as of 31 December 2024. The primary objective of Glamox’s capital management is to maintain healthy capital ratios to support its business and maximise shareholder value. The Group manages its capital structure and adjusts it considering changes in economic conditions and the requirements of its financial covenants. To maintain or adjust the capital structure, the Company may adjust its dividend payment to shareholders, return capital to shareholders, or issue new shares. The Glamox Group’s capital management, amongst other things, aims to ensure that it meets its financial covenants related to the interest-bearing financial liabilities that define its capital structure requirements. For information on the most significant risks and uncertainty factors, please refer to the description in the 2024 annual report. The Glamox Group is exposed to risks and uncertainty factors that may affect some or all Group activities. The company is exposed to financial, market, and operational risks. The Glamox Group continuously works to reduce the overall environmental footprint of its activities and those of its customers. Its mission is to provide sustainable lighting solutions that improve the performance and well-being of people. The Group’s sustainability strategy is an integral part of its Green Light Plan, and Glamox remains committed and on track to achieving net-zero operations by 2030. Enhanced connectivity and the adoption of light management systems result in energy savings, leading to reduced emissions. Glamox is committed to supporting customers to reduce electricity use and minimise their carbon footprint through its lighting products, control systems, and services. Lighting consumes about 20% of energy consumption in non-residential buildings in the EU. Replacing a conventional luminaire with a smart LED system from Glamox can reduce electricity consumption by up to 90%. Year to date, as of Q3 2025, the Glamox Group’s sales of connected lighting as a percentage of external revenues increased further compared to the end of 2024 and now represents 45% of sales. All high-volume factories are now certified to ISO 45001, the international standard for occupational health and safety management systems. This certification ensures a structured approach to improving employee safety, reducing workplace risks, and promoting healthier working conditions across the Group’s operations. Achieving ISO 45001 supports Glamox’s broader ESG commitment to responsible operations and the well-being of its employees. The Glamox Group has a well- established ESG programme. It has a target to focus on compliance and risk management as part of the value creation of the business, and to align with ESG market expectations to promote further value creation. It has a compliance management system in place, which is monitored and developed continuously. This system incorporates, amongst other things, Glamox values, a policy for corporate social responsibility, and a code of conduct. Other policies include responsible business partner, anti- corruption, privacy, whistleblower, and crisis management policies. Also important are the Group’s sanctions and export control procedures, as well as its health, safety, and environmental (HSE) policy. The Glamox Group’s fundamental growth prospects are positive and based on a robust business model, a clear strategy, and positive long-term market drivers in both its operating segments. Increased demand for energy-efficient smart lighting, driven by increased focus on energy savings and stricter environmental regulations, along with investments in offshore energy, navy and wind sectors, presents promising long-term growth opportunities, in new build, renovation, and retrofit projects. While near-term visibility is somewhat uncertain due to macroeconomic factors and shifting geopolitical conditions, Glamox remains agile and well-prepared to navigate these challenges. We continue to believe that Glamox remains well-positioned to capitalise on growth opportunities through the implementation of its Green Light Strategy.
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glamox.com14. Financial statements including notes GLX Holding AS condensed consolidated interim financial statements Condensed consolidated interim statement of profit and loss NOK thousands Notes Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Revenue 1 073 599 1 114 315 3 298 655 3 314 225 4 477 067 Other operating income 1 186 2 417 9 023 5 878 9 713 Total revenues and other operating income 2 1 074 785 1 116 732 3 307 678 3 320 103 4 486 780 Raw materials, consumables used and changes of finished goods 448 394 480 317 1 377 296 1 457 700 1 957 031 Payroll and related cost 325 585 317 281 1 050 755 1 051 184 1 421 950 Other operating expenses 5 97 506 94 144 304 988 294 731 402 411 Depreciation, amortisation and impairment of non-current assets 47 711 61 364 137 219 190 156 254 708 Operating profit 155 589 163 626 437 419 326 332 450 680 Financial income 11 183 13 820 40 272 51 564 74 391 Financial expenses 84 058 89 698 262 247 270 646 350 445 Net financial items 4 72 874 75 878 221 975 219 082 276 054 Profit/loss (-) before tax 82 714 87 748 215 444 107 250 174 626 Income tax expenses 27 050 26 624 94 788 75 912 92 051 Profit/loss (-) for the period 55 664 61 124 120 656 31 338 82 574 Profit/loss (-) attributable to equity holders of the parent 32 660 36 615 62 131 -5 895 23 141 Profit/loss (-) attributable to non-controlling interest 23 004 24 508 58 525 37 233 59 433 Earnings per share (NOK thousands) 32.7 36.6 62.1 -5.9 23.1
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Condensed consolidated interim statement of comprehensive income glamox.com15. Financial statements including notes NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Profit/loss for the period 55 664 61 124 120 656 31 338 82 574 Other comprehensive income that will not be reclassified to profit or loss: Gain/loss from remeasurement on defined benefit plans - - - - 1 396 Tax effect on remeasurements on defined benefit plans - - - - 81 Total items that subsequently will not be reclassified to profit or loss - - - - 1 478 Items that subsequently may be reclassified to profit and loss: Currency translation differences 22 039 29 524 -7 072 55 799 84 474 Net gain/loss on hedge of foreign subsidiaries -23 682 -22 448 5 483 -48 031 -77 107 Tax effect from hedge of foreign subsidiaries 5 210 4 938 -1 206 10 567 16 964 Total items that subsequently may be reclassified to profit or loss 3 567 12 015 -2 795 18 334 24 330 Other comprehensive income for the period 3 567 12 015 -2 795 18 334 25 808 Total comprehensive income for the period 59 231 73 139 117 861 49 672 108 382 Total comprehensive income attributable to equity holders of the parent 35 377 45 766 60 002 8 070 42 798 Total comprehensive income attributable to non-controlling interest 23 854 27 372 57 858 41 602 65 584
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NOK thousands Notes 30 September 2025 30 September 2024 31 December 2024 ASSETS Intangible non-current assets and goodwill 2 920 175 2 981 756 2 965 269 Tangible non-current assets 434 743 479 384 471 990 Deferred tax assets 77 246 79 992 75 882 Other non-current assets 10 782 10 698 10 304 Total non-current assets 3 442 945 3 551 829 3 523 445 Inventory 907 917 788 393 777 729 Receivables 679 664 708 133 637 452 Cash and cash equivalents 3 651 815 543 842 712 348 Total current assets 2 239 396 2 040 369 2 127 529 TOTAL ASSETS 5 682 341 5 592 197 5 650 974 EQUITY AND LIABILTIES Equity 1 407 309 1 312 579 1 347 306 Non-controlling interests 342 578 313 174 337 156 Total equity 1 749 887 1 625 753 1 684 462 Pension liabilities 35 337 36 838 34 840 Non-current interest-bearing liabilities 3 1 341 129 2 522 431 2 534 232 Non-current lease liabilities 3 81 176 101 246 92 826 Deferred tax liabilities 273 452 288 186 291 306 Non-current provisions and other liabilities 39 743 39 307 71 926 Total non-current liabilities 1 770 837 2 988 009 3 025 130 Trade payables 354 127 341 693 358 881 Income tax payable 73 415 56 484 50 357 Other payables 145 900 144 068 149 083 Dividend 7 13 110 13 109 - Current interest-bearing liabilities 3 1 208 610 300 Current lease liabilities 3 59 867 69 269 69 795 Provisions and other liabilities 306 588 353 512 313 266 Total current liabilities 2 161 616 978 436 941 382 TOTAL EQUITY AND LIABILTIES 5 682 341 5 592 197 5 650 974 glamox.com16. Financial statements including notes Condensed consolidated interim statement of financial position
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glamox.com17. Financial statements including notes Condensed consolidated interim statement of changes in equity NOK thousands Share capital Share premium reserve Other equity Total shareholders’ equity Non-controlling interests Total equity Balance as of 31 December 2024 1 000 1 599 346 -253 038 1 347 306 337 156 1 684 462 Current period profit (loss) 62 131 62 131 58 525 120 656 Other comprehensive income (loss) -2 129 -2 129 -666 -2 795 Total comprehensive income (loss) 60 002 60 002 57 858 117 861 Dividends - -52 436 -52 436 Balance as of 30 September 2025 1 000 1 599 346 -193 035 1 407 309 342 578 1 749 887 NOK thousands Share capital Share premium reserve Other equity Total shareholders’ equity Non-controlling interests Total equity Balance as of 31 December 2023 1 000 1 599 346 -295 835 1 304 510 310 899 1 615 409 Current period profit (loss) -5 895 -5 895 37 233 31 338 Other comprehensive income (loss) 13 964 13 964 4 370 18 334 Total comprehensive income (loss) 8 070 8 070 41 602 49 672 Dividends - -39 327 -39 327 Balance as of 30 September 2024 1 000 1 599 346 -287 766 1 312 579 313 174 1 625 753
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glamox.com18. Financial statements including notes Condensed consolidated interim statement of cash flow NOK 1000 Notes Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Operating profit 155 589 163 626 437 419 326 332 450 680 Taxes paid -4 622 -37 377 -92 180 -61 258 -76 110 Depreciation, amortisation and impairment 47 711 61 364 137 219 190 156 254 708 Gain from sale of assets - - -3 060 - - Changes in inventory -80 156 8 624 -130 188 23 727 34 391 Changes in trade receivables -3 198 14 577 -42 119 -128 139 -55 762 Changes in trade payables -25 569 -12 541 -4 754 15 333 32 521 Changes in other assets and liabilities 30 749 -3 860 -25 081 41 784 50 676 Net cash flow from operating activities 120 504 194 413 277 257 407 935 691 103 Proceeds from sale of tangible fixed assets and intangible assets - - 10 327 - - Purchase of tangible fixed assets and intangible assets -15 031 -13 277 -34 235 -35 891 -54 535 Payment of contingent consideration -18 354 - -18 354 -10 036 -10 036 Acquisition of subsidiary, net of cash acquired - -55 318 - -55 318 -53 464 Net cash flow from investing activites -33 385 -68 596 -42 262 -101 245 -118 035 Lease payments incl interest -18 522 -19 786 -57 726 -57 534 -77 545 Net interests paid -63 013 -65 021 -183 120 -192 985 -253 232 Repayment of long-term debt -515 0 -1 562 0 -3 208 Dividend paid to non controlling interest 7 -13 109 -13 109 -39 327 -39 328 -52 437 Net cash flow from financing activites -95 159 -97 916 -281 735 -289 847 -386 423 Net change in cash and cash equivalents -8 040 27 902 -46 740 16 843 186 645 Effect of change in exchange rate 11 732 1 774 -13 793 6 099 4 803 Cash and cash equivalents, beginning of period 648 124 514 166 712 348 520 900 520 900 Cash and cash equivalents, end of period 651 815 543 842 651 815 543 842 712 348
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Notes to the condensed consolidated interim financial statements GLX Holding AS is a company incorporated and domiciled in Norway. GLX Holding AS is a holding company and has no other activities or investments than the ownership of 76.17% of Glamox AS. The registered address is c/o Triton Advisors (Norway) AS, Dronning Mauds gate 3, 0250 Oslo. The ultimate parent of GLX Holding AS is Triton Fund IV. This interim report has been prepared in accordance with IAS 34 for interim financial reporting. GLX Holding AS has applied the same accounting policies as in the IFRS consolidated financial statements for 2024. The interim financial statements do not include all the information required for a full financial report and should, therefore, be read in conjunction with the IFRS consolidated financial statements for 2024. The third quarter report has not been audited. The preparation of the interim financial statements requires the use of evaluations, estimates, and assumptions that affect the application of accounting principles and amounts recognised as assets and liabilities, income, and expenses. Actual results may differ from these estimates. The significant estimates and judgements made by management in preparing these condensed consolidated interim financial statements, in applying the Glamox Group’s accounting policies and key sources of estimation of uncertainty, were based on the same underlying principles as those applied to the IFRS consolidated financial statements for 2024. MOW has secured several large offshore wind contracts. Revenue from these projects is recognised over time using the cost- to-completion method. The Group operates with two different segments: Professional Building Solutions (PBS) and Marine, Offshore & Wind (MOW). These segments offer different products and solutions tailored to their respective markets. They also operate in strategically different markets, with varying sales channels, marketing strategies, and risks. PBS provides products for offices, industries, health, education, retail, hotels, and restaurants, primarily in Europe. Its main sales channel is direct-to-customer. MOW serves the global market with products for commercial marine, defence and security, energy (both offshore and onshore), offshore wind, and cruise and ferry sectors. MOW’s customers include vessel owners, shipyards, electrical installers, engineering firms, and energy companies. The performance of these segments is primarily monitored based on order intake and total revenue and other operating income, while operating expenses are managed at the Group level. glamox.com19. Financial statements including notes Note 1 - General information and accounting principles Note 2 – Segments Q3 2025 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 704 363 370 422 1 074 785 Total operating expenses 1 903 026 903 026 EBITA 171 759 EBITA margin 16.0 % Q3 2024 thousands PBS MOW Unallocated Group Total revenue and other operating income 738 103 378 629 1 116 732 Total operating expenses 1 926 424 926 424 EBITA 190 308 EBITA margin 17.0 % 1.1-30.9.25 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 2 228 718 1 073 777 5 183 3 307 678 Total operating expenses 1 2 822 214 2 822 214 EBITA 485 463 EBITA margin 14.7 % 1.1-30.9.24 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 2 311 145 1 008 958 3 320 103 Total operating expenses 1 2 901 026 2 901 026 EBITA 419 077 EBITA margin 12.6 % FY 2024 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 3 115 794 1 370 985 4 486 780 Total operating expenses 1 3 912 453 3 912 453 EBITA 574 326 EBITA margin 12.8 % 1 Excluded amortisation and impairment of intangible-assets
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glamox.com20. Financial statements including notes The Glamox Group holds a bond and a re- volving facility. The multi-currency revolving facility has a credit limit of NOK 1,400 million and by the end of Q3 2025, the utilised amount was NOK 1,245 million. Net interest-bearing debt is NOK 2,074 million as of 30 September 2025. The liquidity reserve is NOK 783 million as of 30 September 2025. Note 3 – Interest bearing liabilities to financial institutions and bondholders Note 5 – Related party transactions Note 6 – MARL International Related parties are the Glamox Group com- panies, major shareholders, board, and senior management in the parent company and the group subsidiaries. All transactions within the Glamox Group or with other related parties are based on the principle of arm's length. GLX Holding AS has agreements with Triton Advisers Limited and West Park Management Services Limited for counselling. In Q3 2025, the company expensed NOK 0.4 million. Glamox AS acquired 100% of the shares in MARL International Holdings Ltd, which fully owns MARL International Ltd. The acquisition was completed on 13 August 2024 and has been consolidated into the Group’s financial statements as of that date. In Q3 2025, MARL International contributed NOK 5 million to order intake, NOK 28 million to adjusted total revenue and other operating income, and NOK 22 million to total operating expenses. MARL International’s order stock on 30 September 2025 was NOK 228 million. Excluding MARL International’s impact, the Group’s Q3 2025 adjusted EBITA would have been NOK 179 million, corresponding to an adjusted EBITA margin of 17.1%. Year to date 2025, MARL International contributed NOK 118 million to order intake, NOK 97 million to adjusted total revenue and other operating income, and NOK 67 million to total operating expenses. Excluding MARL International’s impact, the Group’s year-to-date 2025 adjusted EBITA would have been NOK 479 million, corresponding to an adjusted EBITA margin of 15.0%. MARL International is reported as part of the MOW division. Note 4 – Financial income and expenses NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Financial Income Net currency gain - - 2 501 2 783 2 891 Interest income 11 302 13 786 38 065 48 708 66 240 Other financial income -118 34 -294 74 5 260 Total financial income 11 183 13 820 40 272 51 564 74 391 Financial expenses Net currency loss 2 793 4 707 15 585 7 269 - Interest expenses 78 048 80 823 237 849 251 751 335 760 Other financial expenses 3 217 4 168 8 813 11 626 14 685 Total financial expenses 84 058 89 698 262 247 270 646 350 445
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glamox.com21. Financial statements including notes Tranche Quarter paid Total amount GLX Holding AS amount Non-controlling interests amount 1 Q2 2025 NOK 55.0 million NOK 41.9 million NOK 13.1 million 2 Q3 2025 NOK 55.0 million NOK 41.9 million NOK 13.1 million 3 Q4 2025 NOK 55.0 million NOK 41.9 million NOK 13.1 million Total NOK 165.0 million NOK 125.7 million NOK 39.3 million Oslo, 13 November 2025 Mikael Aro Joachim Espen Hanna-Maria Heikkinen Chairman Board member Board member Note 8 – Subsequent events # I As part of its efforts to further optimise its European manufacturing footprint, Glamox is assessing a potential closure of its Bas- ingstoke production facility in the UK and transfer production primarily to Wilkasy, Poland. Glamox will continue to have a strong UK presence with production in Ulverston (acquired through the acquisition of MARL), offices in multiple locations, and a nation- wide network of sales representatives. Cus- tomers will retain full access to the product portfolio and contacts. The decision will be subject to final Board approval. # II TenneT has informed Glamox that it has decided to replace its supplier Petrofac with Larsen and Toubro (L&T) for its offshore wind 2GW contracts. Glamox is a supplier to Petrofac on these projects. TenneT’s intention is to transfer Glamox’s supplier agreement to L&T and continue the project without disruptions. Note 7 – Dividend On 20 January 2025, the Board of Directors of Glamox AS approved an additional dividend distribution of NOK 0.83 per share, corresponding to NOK 55 million. The dividend was distributed on 4 February 2025, of which GLX Holding AS received NOK 41.9 million. On 9 May 2025, the General Assembly of Glamox AS approved a dividend distribution of NOK 2.50 per share, corresponding to NOK 165 million. GLX Holding AS will receive NOK 125.7 million of this distribution.
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22. Alternative Performance Measures (APMs) Alternative Performance Measures (APMs) In order to enhance investors’ understanding of the company’s performance, GLX Holding presents certain alternative performance measures (APMs) as defined by the European Securities and Markets Authority (“ESMA”) in the ESMA Guidelines on Alternative Performance Measures 2015/1057. An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The company uses APMs to measure operating performance and is of the view that the APMs provide investors with relevant and specific operating figures which may enhance their understanding of GLX Holding’s performance. The company uses the APMs: Adjusted EBIT, adjusted EBITA, adjusted EBITDA, adjusted EBIT margin, adjusted EBITA margin, adjusted EBITDA margin, adjusted total revenue, EBIT, EBITA, EBITDA, EBIT margin, EBITA margin, EBITDA margin, Leverage ratio, Net interest-bearing debt, Order intake and Order stock as further defined below. The APMs presented herein are not measurements of performance under IFRS or other generally accepted accounting principles and investors should not consider any such measures to be an alternative to: (a) operating revenues or operating profit (as determined in accordance with IFRS or other generally accepted accounting principles), as a measure of GLX Holding’s operating performance; or (b) any other measures of performance under generally accepted accounting principles. The APMs presented herein may not be indicative of the company’s historical operating results, nor are such measures meant to be predictive of GLX Holding’s future results. The company believes that the APMs presented herein are commonly reported by companies in the markets in which GLX Holding competes and are widely used by investors in comparing performance on a consistent basis without regard to factors such as depreciation, amortisation and impairment, which can vary significantly depending upon accounting measures (in particular when acquisitions have occurred), business practice or non- operating factors. Accordingly, GLX Holding discloses the APMs presented herein to permit a more complete and comprehensive analysis of its operating performance relative to other companies across periods, and of the company’s ability to service its debt. Because companies calculate the APMs presented herein differently, GLX Holding’s presentation of these APMs may not be comparable to similarly titled measures used by other companies. The company has presented these APMs because it considers them to be important supplemental measures for prospective investors to understand the overall picture of profit generation in GLX Holding’s operating activities. Adjustments are non-IFRS financial measures that the group considers to be an APM, and these measures should not be viewed as a substitute for any IFRS financial measures. The APMs used by GLX Holding are set out below (presented in alphabetical order): • Adjusted EBIT is defined as the profit/(loss) for the year before net financial income (expenses) and income tax expense (EBIT), adjusted for special items. • Adjusted EBITA is defined as the profit/(loss) for the year before net financial income (expenses), income tax expense, amortisation and impairment of intangible assets, adjusted for special items. • Adjusted EBITDA is defined as the profit/(loss) for the year before net financial income (expenses), income tax expense, depreciation, amortisation and impairment of non-current assets, adjusted for special items. • Adjusted EBIT margin is defined as adjusted EBIT as a percentage of adjusted total revenues. • Adjusted EBITA margin is defined as adjusted EBITA as a percentage of adjusted total revenues. • Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of adjusted total revenues. • Adjusted total revenue and other operating income is defined as total revenue and other operating income adjusted for special items. • EBIT is defined as the profit/(loss) for the year before net financial income (expenses) and income tax expenses. • EBITA is defined as the profit/(loss) for the year before net financial income (expenses), income tax expense, amortisation and impairment of intangible assets. • EBITDA is defined as the profit/(loss) for the year before net financial income (expenses), income tax expense, depreciation, amortisation and impairment of non-current assets. • EBIT margin is defined as EBIT as a percentage of revenues. • EBITA margin is defined as EBITA as a percentage of revenues. • EBITDA margin is defined as EBITDA as a percentage of revenues. • Leverage ratio is a measure of net interest-bearing debt divided by adjusted EBITDA last twelve months. • Net interest-bearing debt is defined as interest-bearing debt excluding arrangement fees minus cash and cash equivalents (excluded restricted cash) and interest-bearing investments. • Order intake is measured at gross value before deduction of commissions and other sales reductions • Order stock is defined as the value of undelivered orders at the end of the quarter. glamox.com
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23. APM-reconciliation glamox.com APM-reconciliation NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 EBIT1 155 589 163 626 437 419 326 332 450 680 Special items 13 109 24 787 23 884 76 691 95 303 Adjusted EBIT1 168 698 188 413 461 303 403 023 545 983 Total revenue and other operating income 1 074 785 1 116 732 3 307 678 3 320 103 4 486 780 Adjusted total reve nue and other operating income 1 1 074 785 1 116 732 3 302 495 3 320 103 4 486 780 EBIT margin 1 14.5 % 14.7 % 13.2 % 9.8 % 10.0 % Adjusted EBIT marg in1 15.7 % 16.9 % 14.0 % 12.1 % 12.2 % NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Profit/loss for the period 55 664 61 124 120 656 31 338 82 574 Income tax expense 27 050 26 624 94 788 75 912 92 051 Net financial items 72 874 75 878 221 975 219 082 276 054 EBIT1 155 589 163 626 437 419 326 332 450 680 Amortisation and impairment of intangible-assets 16 170 26 683 48 045 92 745 123 647 EBITA1 171 759 190 308 485 463 419 077 574 326 Depreciation and impairment of tangible-assets 31 541 34 682 89 174 97 411 131 062 EBITDA1 203 300 224 990 574 638 516 488 705 388 Special items 10 479 18 098 21 253 70 002 87 885 Adjusted EBITDA1 213 779 243 088 595 891 586 490 793 273 Total revenue and other operating income 1 074 785 1 116 732 3 307 678 3 320 103 4 486 780 Adjusted total revenue and other operating income 1 1 074 785 1 116 732 3 302 495 3 320 103 4 486 780 EBITDA marg in1 18.9 % 20.1 % 17.4 % 15.6 % 15.7 % Adjusted EBITDA marg in1 19.9 % 21.8 % 18.0 % 17.7 % 17.7 % NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Total revenue and other operating income 1 074 785 1 116 732 3 307 678 3 320 103 4 486 780 Special items in total revenues - - 5 183 - - Adjusted total revenue and other operating income 1 1 074 785 1 116 732 3 302 495 3 320 103 4 486 780 Adjusted EBIT 1 Adjusted EBITA 1 Adjusted EBITDA 1 Adjusted total revenue and other operating income 1 NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 EBITA1 171 759 190 308 485 463 419 077 574 326 Special items 13 109 24 787 23 884 76 691 95 303 Adjusted EBITA1 184 868 215 096 509 347 495 768 669 630 Total revenue and other operating income 1 074 785 1 116 732 3 307 678 3 320 103 4 486 780 Adjusted total revenue and other operating income 1 1 074 785 1 116 732 3 302 495 3 320 103 4 486 780 EBITA margin 1 16.0 % 17.0 % 14.7 % 12.6 % 12.8 % Adjusted EBITA marg in1 17. 2 % 19.3 % 15.4 % 14.9 % 14.9 %
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APM-reconciliation cont. 24. APM-reconciliation glamox.com NOK thousands 1.1-30.9.25 1.1-30.9.24 FY 2024 Non-current interest-bearing liabilities 1 341 129 2 522 431 2 534 232 Non-current lease liabilities 81 176 101 246 92 826 Current interest-bearing liabilities 1 208 610 300 Current lease liabilities 59 867 69 269 69 795 Arrangement fees 11 459 23 879 20 872 Interest-bearing debt 2 702 241 2 717 126 2 717 725 Cash and cash equivalents (excluded restricted cash) -628 548 -523 059 -686 220 Net interest-bearing debt 1 2 073 694 2 194 067 2 031 505 Adjusted EBITDA1 last twelve m onths 802 675 732 255 793 273 Leverage ratio 1 2.6 3.0 2.6 NOK thousands Q3 2025 Q3 2024 1.1-30.9.25 1.1-30.9.24 FY 2024 Restructuring - - 2 123 - - Other - - 3 060 - - Total special items in total revenue and other operating income - - 5 183 - - Restructuring cost/growth initatives 6 423 14 184 20 653 61 751 75 154 Claim cost related to specific product - - -5 058 - - Acqusition and integration cost 175 2 536 767 2 536 2 536 ERP Integration 458 1 243 2 708 3 609 5 837 Other 3 423 135 7 367 2 107 4 358 Total special items in EBITDA 1 10 479 18 098 21 253 70 002 87 885 Impairment of non-current assets 2 630 6 689 2 630 6 689 7 418 Total special items in EBIT1 13 109 24 787 23 884 76 691 95 303 Special items Net debt and leverage ratio 1 Please refer to page 22 for explanations on the APM definitions
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25. Definitions glamox.com Definitions Revenue and other operating income net of commissions and other sales reductions Financial income minus financial expenses including exchange rate differences related to financial assets and liabilities Any items (positive or negative) of a one off, special, unusual, non-operational or exceptional nature including restructuring expenses Unused credit facility plus cash and cash equivalents (excluded restricted cash) The value of undelivered orders at the end of the quarter Human Centric Lighting Light-Emitting Diode Light Management Systems Maintenance, Repair and Operations Financial: Total revenue and other operating income Net financial items Special Items Liquidity reserve Order stock Non-Financial: HCL LED LMS MRO Marine, Offshore & Wind vertical descriptions: Commercial marine The Glamox Group provides a complete range of lighting products and light solutions for the global sea trade fleet, from coastal aquaculture and fish industry vessels to large ocean-going gas-, tank- and dry cargo carriers. The products are designed and manufactured to meet all relevant standards and work reliably even under the most extreme conditions. Offshore energy The Glamox Group serves the offshore energy market with lights and light solutions required for the harsh and demanding environment in this industry. Lights are designed and installed on most floating and fixed offshore drilling, production and support objects serving the offshore energy field. Offshore wind The Glamox Group’s strong foothold in the offshore energy field has paved the way for it to offer a wide portfolio to the offshore wind segment. The Group offers a comprehensive portfolio of energy-efficient lights and lighting solutions for wind farm substations, converter stations, turbine foundations, and applicable areas for turbines. It also provides lighting solutions to the growing offshore wind fleet of work- and support vessels that form an art of this segment. The Glamox Group offers complete vessel lighting solutions as well. Onshore energy The Glamox Group brings lessons learned from the offshore industry to onshore energy installations. This includes smart lighting solutions for huge and complex petrochemical plants, refineries, tank storage, and other onshore facilities. Defence and Security The Glamox Group has a long history in the maritime defense and security sector and offers a complete and comprehensive military-tested product and system portfolio to the global naval, coastguard, and SAR markets, including navigation lights, floodlights, searchlights, interior and exterior technical lighting, explosion-proof luminaries, integrated system solutions for surface ships and submarines, Helicopter Visual Landing Aid systems and perimeter lighting. Renamed to Defence and Security in Q3 2025 (formerly Navy and Coast Guard). Cruise and ferry The Glamox Group offers selected lights and light solutions for the passenger and cruise ship segments. The leading European Car and Passenger ferry operators along with Cruise Liners benefit from the Group’s years of servicing fleets with indoor and outdoor energy-efficient LED lights. Professional Building Solutions sector descriptions: Retrofit Renovation Newbuild Exchange of a lighting solution (complete luminaries or LED kits) in a non- residential building. Existing footprint of electrical infrastructure remains. Upgrade of non-residential buildings, normally including both mechanical and electrical solutions. New electrical infrastructure and new lighting solutions are normally needed. New construction of a non-residential building, including electrical infrastructure and the lighting solution.
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glamox.comCreating light for a better life GLX Holding AS Dronning Mauds gate 3 N-0250 Oslo Norway ir_glx@glamox.com