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26 February 2026 GLX Holding AS Interim presentation 4th quarter and preliminary full-year 2025
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Largest shareholders Triton (~76%) and Must (~24%) / Creating light for a better life Total revenue MNOK (FY 2025) 4,447 680 Adjusted EBITA MNOK (FY 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 4,694 >98% of luminaries delivered with LED This presentation contains alternative performance measures (APMs). APMs are described in the GLX Holding AS Interim report 4th quarter 2025. Order intake MNOK (FY 2025) Light Management Systems as % of total revenues (FY 2025) Connected lighting 49%23% Countries worldwide 17 Located in
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Improved adjusted EBITA margin - demonstrating robust performance and solid cost-control / Q4 and FY 2025 highlights Strong strategic execution supporting financial performance Q4 2025: Robust quarter, improved adj. margins • Adjusted EBITA margin improved to 15.1% (14.9%), supported by continued operational efficiencies and favourable mix effects • Revenue growth in MOW, largely driven by strong execution in Wind Energy and Defence & Security • PBS delivers robust performance despite continued market headwinds FY 2025 (preliminary): Solid full-year performance; growth in order intake • Solid full-year performance, with total order intake up 4.9%, supported by strong 17.3% growth in MOW • Adjusted EBITA increased to NOK 680 million, with the margin improving to 15.3% (14.9%), driven by strategic execution and cost improvements • Market share gains in key PBS markets, demonstrating solid commercial progress despite continued sector-wide newbuild softness 1 Change Q4 2025 vs Q4 2024. 2 Change FY 2025 vs FY 2024. See note 6 in the GLX Holding AS Q4 2024 report for impact of MARL International Adjusted EBITA (NOK million) 1%2 3 670 722 713 683 680 FY 24 LTM Q1 25 LTM Q2 25 LTM Q3 25 FY 25 1,139 (2.4%)1 171 (1.8%)1 15.1% 0.2 pp1 Total revenue and other operating income (NOK million) Adjusted EBITA (NOK million) Adjusted EBITA margin Q4 2025 4,447 (0.9%)2 680 1.5%2 15.3% 0.4 pp2 FY 2025 (Preliminary)
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5 Source: Leading Global Management Consulting Firm. Note: (1) Connected LED luminaires with sensors, LMS and HCL.
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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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Financial Performance
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xx% xx.x% xx.x%xx% Q4 2025 Financial highlights - Group Profitability improves as MOW grows, while PBS delivers robust performance despite continued market headwinds Group adjusted EBITA (NOK million)Group adjusted total revenue and other operating income (NOK million) Adj. EBITA margin (%) 14.9% 15.1% 2% • Group adjusted total revenues amounted to NOK 1,134 million in Q4 2025, reflecting a 2.8% YoY decline. In FY 2025 revenues reached NOK 4,436 million, representing a 1.1% decrease compared to FY 2024 • Currency adjusted revenue declined by 2.3% YoY in Q4 2025, and decreased by 2.3% in FY 2025 YoY • Order intake for Q4 2025 amounted to NOK 1,210 million, reflecting a YoY decrease of 8.2%. In FY 2025 orders totalled NOK 4,694 million, corresponding to a 4.9% increase YoY • MOW’s Q4 YoY decline was driven by fewer large orders, one this year versus two in Q4 2024, while underlying order intake2 rose 4% on several mid-sized wins. • PBS orders down 1.5%, with solid retrofit and renovation demand, though new non-residential construction remains soft in several markets • In Q4 2025, the Group reported adjusted EBITA of NOK 171 million, representing a YoY decline of 1.8%. In FY 2025, adjusted EBITA increased by 1.5% compared to FY 2024 • The Group’s adjusted EBITA margin for Q4 2025 was 15.1% (14.9%), up YoY. In FY 2025, the margin improved to 15.3%, up 0.4 percentage points YoY • The quarterly EBITA margin was primarily driven by the positive impact of ongoing operational and cost-efficiency initiatives, partly offset by lower adjusted revenue and changes in product and customer mix across both divisions. • Limited currency impact on adjusted EBITA due to balanced production footprint 81 See note 6 in the GLX Holding AS FY 2025 report for impact of MARL International 2 Excluding orders above NOK 25 million * * * 11 1 167 1 134 4 487 4 436 Q4 24 Q4 25 FY 24 FY 25 174 171 670 680 Q4 24 Q4 25 FY 24 FY 25 (3%) (1%) 14.9% 15.3% (2%)
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x% xx.x%xx.x%xx% Q4 2025 Financial highlights - Professional Building Solutions (PBS) Robust performance despite market headwinds PBS Order intake (NOK million) PBS adjusted total revenue and other operating income (NOK million) • Adjusted revenues for Q4 2025 declined by 5.6% YoY to NOK 759 million. In FY 2025, revenues decreased by 4.1% compared to FY 2024 • Demand for renovation projects remained steady, supporting increased activity in both Germany and the United Kingdom • The market for new non-residential construction activity remains soft across several markets • 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 Q4 2025 decreased by 1.5% YoY to NOK 813 million. In FY 2025, order intake decreased by 0.9% compared to FY 2024 • Demand for renovation projects remained steady, supporting increased activity in both Germany and the United Kingdom • Strategic focus on the Defence & Security vertical secures contracts in these markets • Market conditions remain mixed: retrofit and renovation demand is steady across core European markets, while weaker sales elsewhere reflect economic uncertainty, soft new non-residential construction, and customer-driven project delays • External1 forecast indicates a newbuild construction recover in the medium term, though timing remains uncertain due to market volatility • The order stock in increased by 1.0% to NOK 544 million (539) 9 No exposure to residential newbuild 1 Euroconstruct 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. 805 759 3 116 2 988 Q4 24 Q4 25 FY 24 FY 25 825 813 3 055 3 027 Q4 24 Q4 25 FY 24 FY 25 (6%) (1%) (4%) (1%)
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xx% xx.x%x.x%xx% Q4 2025 Financial highlights - Marine, Offshore & Wind (MOW) • Order intake in Q4 2025 amounted to NOK 397 million, reflecting a YoY decrease of 19.4%. In FY 2025, order intake rose by 17.3% compared to FY 2024 • The decline reflects tough comparables, as Q4 2024 included two major orders totalling NOK 154 million, compared with a single major newbuild order this quarter • Order intake grew 4% (excluding orders above NOK 25 million), supported by several mid-sized wins across Commercial Marine, Defence & Security, and Offshore Energy • MOW maintains strong momentum, reinforcing its position in key strategic verticals with stable performance across the rest of the portfolio • Order stock remains high at NOK 1,205 million (990) Revenue growth driven by Wind Energy and Defence & Security; orders down on tough comparables MOW Order intake (NOK million) MOW adjusted total revenue and other operating income (NOK million) (19%) • Adjusted revenues for Q4 2025 came in at NOK 374 million, a YoY increase of 3.4%. In FY 2025, revenues increased by 5.6% compared to FY 2024 • The quarterly revenue development was mainly driven by Defence & Security and Wind Energy • The Offshore Energy vertical was impacted by continued softness in the North Sea offshore energy markets • Revenues affected by timing of deliveries 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 10 3% * * 1 See note 6 in the GLX Holding AS Q3 2025 report for impact of MARL International 362 374 1 371 1 448 Q4 24 Q4 25 FY 24 FY 25 493 397 1 421 1 667 Q4 24 Q4 25 FY 24 FY 25 11 6% 17%
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Cash flow FY 2025 Cash flow driven by increased operating profit, offset by working capital development, other operating changes and interest payments 545 180 -46 -182 -63 -18 -320 -64 -7 712 737 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 31.12.2025 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. 11 Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities NOK -385 million NOK -82 million NOK 497 million1
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Financial position Leverage ratio at 2.5x end of FY 2025 Net debt NOK million Leverage ratio1 / Key comments • Net debt of NOK 1,988 million • Leverage ratio at 2.5x end of FY 2025 • Decreased level of interest-bearing debt due to increased cash balance and increased 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 31 December 2025, the total liquidity reserve is NOK 867 million (852) • Glamox AS extended its current RCF for an additional six months on 2 February 2026. • GLX Holding AS is contemplating a refinancing of the senior secured notes and has engaged advisors in connection with such refinancing. 1 Net interest-bearing debt divided by adjusted EBITDA last twelve months Net debt NOK million Leverage ratio1 12 2 032 2 013 2 065 2 074 1 988 2,6 2,4 2,5 2,6 2,5 0 2 4 6 500 1 000 1 500 2 000 2 500 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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Summary FY 2025 Strong strategic execution supporting financial performance Adjusted EBITA of NOK 680m with margin up to 15.3% Market fundamentals and industry dynamics driven by energy savings, refurbishment activity, regulation, and smart lighting solutions Revenue and order growth in MOW driven by strong execution in Wind Energy and Defence & Security, while PBS delivers stable order intake while gaining market share in key markets 2 1 3 13 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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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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