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Full cover dark image front page GLX Holding AS Interim presentation 2nd quarter and half-year 2026 27 August 2026 Photo: Midnight sun, Rødøyløva, Helgelandskysten, Norway
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Largest shareholders Triton (~76%) and Must (~24%) / Creating light for a better life Total revenue MNOK (LTM Q2 26) 4,419 678 Adjusted EBITA MNOK (LTM Q2 26) ~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 4,472 >98% of luminaries delivered with LED This presentation contains alternative performance measures (APMs). APMs are described in the GLX Holding AS Interim report 2nd quarter 2026. Order intake MNOK (LTM Q2 26) Light Management Systems as % of total revenues (LTM Q2 26) Connected lighting 51%25% Countries worldwide 17 Located in
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Resilient second-quarter performance / Q2 2026 highlights • Resilient operating performance in an uncertain macro environment, supported by strong MOW revenue growth, but continued softness in the PBS market • Adjusted EBITA margin remained stable at 14.0% (14.4) • Order intake amounted to NOK 1,132 million (1,178), representing a decrease of 3.9% driven by a strong prior-year comparison, with several large MOW wind contracts secured and continued softness in the new non-residential new construction market • Order stock declined 7.8%, compared with growth of 31.4% in the prior year, mainly due to the execution of several large MOW wind contracts awarded last year 1 Change Q2 2026 LTM vs Q2 2025 LTM. Adjusted EBITA (NOK million) (4.9%)1 3 713 683 680 682 678 LTM Q2 25 LTM Q3 25 FY 25 LTM Q1 26 LTM Q2 26 1,098 (0.3%)1 154 (2.7%)1 14.0% (0.3 pp)1 Adjusted total revenue and other operating income (NOK million) Adjusted EBITA (NOK million) Adjusted EBITA margin Q2 2026
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• Large-scale project to supply a total of 8,000 marine lights for the exteriors and interiors of four vessels that will be used to support offshore energy installations. • The customer is Sea1 Offshore AS, a worldwide vessel provider serving the offshore oil, gas, and renewable industries. • Contract highlights the breadth of Glamox's marine lighting product portfoio. Glamox to deliver robust exterior watertight explosion-proof luminaires, floodlights, and range of interior luminaires for vessels operations rooms and crew quarters. • Glamox's highly energy efficient, marine certified luminaires will support customers' ambition to cut emissions, reduce maintenance needs, and lower total operational costs. • The project demonstrates strong reputation for delivering large scale marine lighting projects for commercial marine and offshore energy customers globally. Glamox wins contract to light four Offshore Energy Support Vessels for Sea1 Offshore – Nytt bilde til Q3 The project demonstrates strong reputation for delivering large scale marine lighting projects for commercial marine and offshore energy customers globally “
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• Glamox selected to supply 1,500 specialised connected LED lights for the first Dutch land-based substation in TenneT’s 2GW Program. • The onshore substation will convert direct current electricity from TenneT’s offshore wind farms into alternating current for input to the high-voltage grid network in the Netherlands. • This latest onshore contract follows contracts announced by Glamox in September 2025 to supply connected marine lighting and light management systems for 11 offshore High Voltage Direct Current (HVDC) converter platforms for the same 2GW Program. • Demonstrates capabilities in delivering large-scale projects for onshore and offshore renewable energy infrastructure. • Broad product scope, including connected DALI luminaires, explosion-proof lighting and emergency lighting, with delivery scheduled for October 2026. • Contract reflects robust demand for energy efficient, connected lighting across both PBS and MOW divisions. Glamox wins contract to light Dutch onshore substation – Nytt bilde til Q3 Contract reflects strengths in supporting onshore and offshore renewable energy projects, as well as robust demand for energy- efficient, connected lighting “
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Financial Performance
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xx% xx% Q2 2026 Financial highlights - Group Resilient performance, driven by MOW growth and ongoing softness in the PBS market Group adjusted EBITA (NOK million) Group adjusted total revenue and other operating income (NOK million) • Group adjusted total revenue and other operating income amounted to NOK 1,098 million in Q2 2026, reflecting a 0.3% YoY decline • MOW generated solid revenue growth, supported by the Wind Energy and Defence & Security verticals, offset by continued softness in the PBS market • Adjusted total revenue and other operating income increased by 3.7% in Q2 2026, when accounting for currency translation effects • Order intake for Q2 2026 amounted to NOK 1,132 million, reflecting a YoY decrease of 3.9% • MOW’s Q2 YoY decline of 1.0% was driven by a strong prior-year comparison, with several large MOW wind contracts secured • PBS orders down 5.4%, with stable retrofit and renovation demand, though new non-residential construction remains soft in several markets • In Q2 2026, the Group reported adjusted EBITA of NOK 154 million, representing a YoY decrease of 2.7% • The Group’s adjusted EBITA margin for Q2 2026 remained stable at 14.0% (14.4%) • Limited currency impact on adjusted EBITA due to balanced production footprint 7 * * * 1 102 1 098 2 228 2 205 Q2 25 Q2 26 YTD 25 YTD 26 (0.3%) (1.0%) 158 154 324 322 Q2 25 Q2 26 YTD 25 YTD 26 Adj. EBITA margin (%) 14.4% 14.0% 14.6% 14.6% (2.7%) (0.7%)
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x% xx% Q2 2026 Financial highlights - Professional Building Solutions (PBS) Performance reflects ongoing softness in non-residential new construction market PBS Order intake (NOK million) PBS adjusted total revenue and other operating income (NOK million) • Adjusted total revenue and other operating income for Q2 2026 declined by 5.7% YoY to NOK 703 million • Stable demand for retrofit and renovation projects • The newbuild market for non-residential buildings remained soft across multiple geographies • Major market drivers: • External1 projections for the next two years indicate a gradual increase in new building projects, but subject to more stable market conditions. • New building standards and environmental regulations driving demand for LED retrofit solutions (RoHS2 directive banning fluorescent tubes in EU) • Order intake for Q2 2026 decreased by 5.4% YoY to NOK 722 million • Demand for retrofit and renovation projects remains stable • PBS’s strategic focus on the Defence & Security vertical contributed positively to the order intake • Continued solid order intake within the Education and Health verticals • Order stock decreased by 6.8% to NOK 486 million (522), reflecting delays in project-execution, soft new-build market and unfavourable development in foreign exchanges rates. 8 No exposure to residential newbuild 1 Euro construct 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. 745 703 1 524 1 404 Q2 25 Q2 26 YTD 25 YTD 26 (5.7%) (7.9%) 763 722 1 517 1 401 Q2 25 Q2 26 YTD 25 YTD 26 (5.4%) (7.6%)
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xx% xx% Q2 2026 Financial highlights - Marine, Offshore & Wind (MOW) • Order intake in Q2 2026 amounted to NOK 410 million, reflecting a YoY decrease of 1.0% • The decline was driven by a strong prior year comparison, with large contracts awarded • The underlying activity level across most key verticals remains robust • The order stock in MOW decreased by 8.1% to NOK 1,135 million (1,235), driven by deliveries of large wind substation contracts and unfavorable development in foreign exchange rates. Revenue growth driven by Wind Energy and Defence & Security MOW Order intake (NOK million) MOW adjusted total revenue and other operating income (NOK million) • Adjusted total revenue and other operating income for Q2 2026 amounted to NOK 395 million, a YoY increase of 10.9% • Continued solid momentum and growth in Defence & Security. • Increased activity in Commercial Marine from previous quarters, supported by projects in Asia and a strong market position for specialised newbuilds in Europe and special vessel refurbishments • 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 * *14.0% 10.9% 414 410 964 858 Q2 25 Q2 26 YTD 25 YTD 26 (1.0%) 356 395 703 802 Q2 25 Q2 26 YTD 25 YTD 26 (11.0%)
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Cash flow Q2 2026 Cash flow driven by decrease in operating profit and higher trade receivables primarily attributable to milestone invoicing on wind projects 108 44 -106 -21 -29 11 -3 -95 -18 747 -5 634 NOK million Cash at 31.3.26 Depreciation, amortization and impairment Changes in working capital Other operating changes Purchase of assets Interest received Net proceeds from issuance of debt Repayment of debt and interests paid Effect of change in exchange rates Cash at 30.6.2026 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 4 million. 10 Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities NOK -116 million NOK -18 million NOK 25 million1 Dividend paid and other financing activities
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Cash flow year to date 2026 Cash flow driven by decrease in operating profit and higher trade receivables primarily attributable to milestone invoicing on wind projects 238 90 -82 -118 -44 23 3 666 -2 717 -1 105 737 -54 634 NOK million Cash at 31.12.2025 Depreciation, amortization and impairment Changes in working capital Other operating changes Purchase of assets Interest received Net proceeds from issuance of debt Repayment of debt and interests paid Effect of change in exchange rates Cash at 30.6.2026 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 47 million. 11 Net cash flow from financing activities Net cash flow from investing activities Net cash flow from operating activities NOK -156 million NOK -21 million NOK 128 million1 Dividend paid and other financing activities
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Financial position Leverage ratio at 4.1x end of Q2 2026 Net debt NOK million Leverage ratio1 / Key comments • Net interest-bearing debt of NOK 3,242 million • Leverage ratio at 4.1x end of Q2 2026 • Leverage increased due to higher net interest-bearing debt following bond refinancing and lower adjusted EBITDA LTM • The Group’s borrowings consist of long-term senior secured notes of EUR 225 million and a revolving credit facility (RCF) of NOK 1,400 million • As of 30 June 2026, the total liquidity reserve is NOK 798 million (801) 1 Net interest-bearing debt divided by adjusted EBITDA last twelve months Net interest-bearing debt NOK million Leverage ratio1 12 2 065 2 074 1 988 3 130 3 242 2,5 2,6 2,5 3,9 4,1 0 2 4 6 500 1 500 2 500 3 500 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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Summary Q2 2026 Resilient operating performance in an uncertain macro environment Adjusted EBITA of NOK 154 million with margin stable at 14.0% Market fundamentals and industry dynamics driven by energy savings, refurbishment activity, regulation, and smart lighting solutions Strong MOW revenue growth offset by continued softness in new non-residential construction markets in PBS 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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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 17
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