Interim report
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GLX Holding AS Interim report 2nd quarter and half year glamox.com 2026 Creating light for a better life Photo NiNa hol - The midnight sun, in July at Rødøyløva, Helgelandskysten, Norway.
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glamox.com Content Click on this icon to come back to this page
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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 2025, our annual revenues were NOK 4,447 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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glamox.com4. Quarterly Highlights Resilient performance in a challenging market environment • Stable Group revenues and Adjusted EBITA margin • Solid performance in MOW driven by Commercial Marine, Wind Energy, and Defence & Security verticals • Continued softness in PBS non-residential new build markets, partly offset by solid healthcare and education activity • Initiatives and investments made to improve operational perfor- mance and commercial execution • Appointments of new Chief Business and Marketing Officer and Chief Sales & Commercial Officer (PBS) strengthen the Group Leadership Team We delivered a resilient performance in Q2 despite mixed market conditions. Through disciplined execution of our Green Light Plan, we remained focused on innovation, operational performance, and capturing new growth opportunities. “ Astrid Simonsen Joos Group CEO
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5. Quarterly Highlights GLX Holding AS Interim report 2nd quarter and half year 2026 (0.3%) (3.9%) 14.0%(14.4%) Decrease in adjusted total revenue and other operating income Adjusted EBITA margin Decrease in order intake Q2 2026 Q2 2025 Change 1.1-30.6.26 1.1-30.6.25 Change FY 2025 RESULTS Adjusted total revenue and other operating income1 MNOK 1,098 1,102 (0.3%) 2,205 2,228 (1.0%) 4,436 Adjusted EBITDA1 MNOK 182 187 (2.9%) 377 382 (1.2%) 796 Adjusted EBITA1 MNOK 154 158 (2.7%) 322 324 (0.7%) 680 Adjusted EBITA margin1 % 14.0 14.4 (0.3 pp) 14.6 14.6 0.0 pp 15.3 Adjusted EBIT1 MNOK 138 142 (2.8%) 289 293 (1.3%) 616 Operating profit MNOK 108 143 (24.6%) 238 282 (15.4%) 545 Operating margin % 9.8 12.9 (3.1 pp) 10.8 12.6 (1.8 pp) 12.3 ORDERS Order intake1 MNOK 1,132 1,178 (3.9%) 2,260 2,481 (8.9 %) 4,694 Order stock1 MNOK 1,622 1,758 (7.8%) 1,749 CASH FLOW Net cash flow from operating activities MNOK 25 49 (24) 128 157 (29) 497 RESERVES & RATIOS Liquidity reserve MNOK 798 801 (0.4%) 867 Leverage1 x 4.1 2.5 1.6 2.5 Equity ratio2 % 11.6 30.2 (18.6 pp) 31.4 Key figures glamox.com Revenue Order intake Profitability Connected lighting reaches 51% share of revenue and Light Management Systems 26% 2 Comparison effected by the refinancing of the Group's debt structure completed in Q1 2026
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CEO reflections We delivered a resilient performance in Q2 despite mixed market conditions. A solid performance in our Marine, Offshore and Wind (MOW) division offset continued softness in new-build construction markets affecting our Professional Building Solutions (PBS) division. Through disciplined execution of our Green Light Plan, we remained focused on innovation, operational performance, and capturing new growth opportunities. Total adjusted revenue was stable at NOK 1,098 million (1,102). MOW revenues increased 10.9%, supported by our strong focus on high-growth verticals, such as Defence & Security, Wind Energy and Commercial Marine. Meanwhile, PBS revenues declined 5.7% amid weaker demand for new-build office projects across Europe. Our diversified and complementary offering across our PBS and MOW divisions has ensured revenues remained stable, despite challenging market conditions. Adjusted EBITA for the quarter was NOK 154 million (158), with an adjusted EBITA margin of 14.0% (14.4%). Operating profit was negatively impacted by targeted investments to improve long-term efficiency and competitiveness. Key initiatives included streamlining our manufacturing footprint by closing our Basingstoke factory in the UK and moving it to Poland. Additionally, we have begun preparations to complete the transfer of production from our Wasco factory in Germany to Poland later this year. We also continued investing in our Commercial Excellence Programme to strengthen customer engagement and commercial execution across the Group. Order intake amounted to NOK 1,132 million (1,178), down 3.9% year-on-year. The decline reflected lower order intake in MOW following exceptionally strong comparables in the prior year, particularly within Wind Energy. This was partly offset by solid activity in Commercial Marine and Defence & Security verticals, including a significant contract to supply 8,000 marine luminaires to Sea1Offshore AS for four offshore energy support vessels. In PBS, we saw solid order intake for education and healthcare verticals. However, continued headwinds in the office segment impacted overall order figures. We are encouraged to see new growth opportunities in Data Centres and continued demand for light management systems and connected lighting. Group order stock ended at NOK 1,622 million (1,758), a 7.8% decrease year-on-year. Operationally, we continued our strategic focus on expanding in existing markets. During the quarter, we opened our new Polish sales office in Kraków. Equipped with the latest Glamox lighting solutions, the new office is more than just a workplace and will serve as a showcase for sales teams across the region. Additionally, we announced the relocation of our main laboratory from Kraków to the Group Production Division in Dobczyce. This investment will further enhance our ability to develop, test and deliver advanced lighting solutions 6. CEO letter glamox.com >
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7. CEO letter glamox.com globally. We also continued to invest in digitalisation and AI-enabled planning tools to improve efficiency, responsiveness and productivity across our operations. To further develop our commercial capabilities and drive the execution of our strategic priorities, I am excited to announce the appointment of two excellent additions to our Group Leadership Team. Elisabeth Tapper will join as Chief Business and Marketing Officer, in a new executive role that will enhance customer focus and business development across the Group. Additionally, Kenneth Grönholm will succeed Knut S. Rusten as Chief Sales & Commercial Officer for our Professional Building Solutions (PBS) division, bringing extensive international experience in commercial transformation, customer development and organisational leadership. I want to thank Knut S. Rusten for his 35 years of service and acknowledge his significant role in building and shaping Glamox and its PBS division into the organisation it is today. During this quarter, our emphasis on innovation led to the introduction of several new product developments to meet evolving customer needs. For example, we introduced reinforced versions of some of our best-selling ceiling lights to our Defence & Security portfolio. The new Anti-Ligature Frame luminaire is aimed at prisons, police stations, defence buildings, and other environments that demand ruggedised lighting. Our product development efforts were also recognised when Glamox’s Luxo Align office lighting range received a 2026 Red Dot Design Award in the product design category. As part of our commitment to sustainability, we continued to support our customers in reducing their carbon emissions with our energy-efficient lighting solutions. This quarter, we announced a contract with SPIE to supply connected LEDs to light the first Dutch land-based substation in TenneT’s 2GW Program. The substation will transfer renewable energy from the linked offshore wind farm to the Netherlands national grid. This contract award demonstrates our commitment to providing sustainable lighting solutions for large offshore and onshore renewable energy projects. Looking ahead, we remain focused on executing our strategy in an uncertain market environment. I am confident that this quarter’s investments in improving operational efficiencies and commercial execution will help us to navigate external headwinds. It is promising to see attractive opportunities in Offshore Wind, Defence & Security and Data Centres. Meanwhile, demand for retrofit solutions, connected lighting and light management systems remains supportive across both MOW and PBS divisions. I would like to thank all Glamox employees for their commitment and contribution during the quarter. While macroeconomic conditions remain challenging, our strong market focus, clear strategic direction, and ongoing operational improvements provide a solid foundation for continued progress in the second half of the year. 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 8. Strategy glamox.com
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glamox.com9. Financial review Financial Review
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glamox.com10. Financial review Glamox Group Second Quarter The order intake amounted to NOK 1,132 million (1,178), representing a 3.9% decrease. In MOW, order intake decreased by 1.0% compared to the same quarter last year where several major contracts in the Wind vertical were secured. Overall activity levels sustained at robust levels. PBS recorded a 5.4% decline year-on-year, mainly driven by continued softness in the non- residential new build construction market in several geographies. The order stock decreased by 7.8% to NOK 1,622 million (1,758) in Q2 2026, mainly driven by the large MOW wind contracts secured last year which have now entered into the delivery phase. The Glamox Group’s adjusted total revenue and other operating income amounted to NOK 1,098 million (1,102), representing a decrease of 0.3% compared to Q2 2025. MOW reported an increase of 10.9%, driven by deliveries in the Wind Energy and Commercial Marine verticals. PBS saw a 5.7% decline, primarily due to continued softness in the non-residential new build construction market, while demand for energy-efficient lighting for renovation and retrofit projects remained stable. These diverse and complementary divisions together underpin a resilient business model and support the long-term growth strategy. Estimated currency effects had a negative gross impact on the Glamox Group’s financial statements year-on-year. Adjusted revenue and other operating income increased by 3.7%, when accounting for estimated currency translation effects, compared to a reported decline of 0.3%. Total operating expenses amounted to NOK 990 million (964), an increase of 2.8%. The increase was mainly driven by special items related to restructuring and growth initiatives amounting to NOK 26 million (5)1. We made good progress with our strategic projects, and our simplification and digitalisation initiatives are set to further enhance operational performance. Adjusted EBITA was NOK 154 million (158), reflecting a decrease of 2.7% compared with Q2 2025. The adjusted EBITA margin remained stable at 14.0% (14.4). Currency effects on adjusted EBITA remained limited due to the Group’s balanced production footprint. Net Financial items ended at NOK -66 million (-83), representing a decrease of 21% year on year, primarily reflecting a net currency loss of NOK 3 million (loss of NOK 13 million last year) and fair value gain on cross currency swaps of NOK 14 million. The profit for the period ended at NOK 21 million (26). Y ear to date The order intake ended at NOK 2,260 million (2,481), a decrease of 8.9% compared to Q2 2025. MOW reported a decrease in order intake of 11.0%, caused by substantial contract awards in the Commercial Marine, Navy, and Offshore Wind verticals last year. PBS reported a decrease in order intake of 7.6%. The Glamox Group’s adjusted total revenue and other operating income came in at NOK 2,205 million (2,228), a decrease of 1.0% from year-to-date 2025. Adjusted for estimated currency translation effects, total revenue and other operating income increased by 1.8%. Total operating expenses amounted to NOK 1,967 million (1,951), representing an increase of 0.8%. The increase was mainly driven by special items related to restructuring and growth initiatives amounting to NOK 45 million (14). Raw materials and consumables decreased 1.6%, whereas payroll and related costs reported an increase of 1.7%. Adjusted EBITDA ended at NOK 377 million (382), a decrease of 1.2%. The adjusted EBITA margin remained stable at 14.6% (14.6%). Adj. EBITA margin1 (%) Group adjusted total revenue and other operating income1 (NOK million) 154 Q2 26 1,098 Q2 25 Q2 26Q2 25 14.0% 14.4% 158 1,102 Group adjusted EBITA1 (NOK million) (0.3%) (2,7%) Q2 26Q2 25 NOK million Q2 2026 Q2 2025 Change 1.1-30.6.26 1.1-30.6.25 Change FY 2025 Results Adjusted total revenue and other operating income1 1,098 1,102 (0.3%) 2,205 2,228 (1.0 %) 4,436 Adjusted EBITA1 154 158 (2.7%) 322 324 (0.7%) 680 Adjusted EBITA margin1 14.0 14.4 (0.3 pp) 14.6 14.6 0.0 pp 15.3 Orders Order intake1 1,132 1,178 (3.9%) 2,260 2,481 (8.9 %) 4,694 Order stock1 1,622 1,758 (7.8%) 1,749
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glamox.com11. Financial review Professional Building Solutions (PBS) Second Quarter PBS order intake declined by 5.4% year-on-year to NOK 722 million (763). Demand for retrofit and renovation projects remained stable while the new build construction market showed continued softness. There was positive activity in Norway, UK, Finland and Switzerland, with solid order intake within the education and healthcare verticals. Strategic focus on the Defence & Security vertical continue to contribute positively to the order intake. Sales in several markets were notably impacted by the slowdown in non-residential construction activity and customers postponing investment decisions and project starts, reducing the inflow of new orders. The order stock in PBS 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. Underlying commercial activity levels remained stable in key markets, despite a challenging market environment. The adjusted total revenue and other operating income for PBS decreased by 5.7% to NOK 703 million (745). Although steady demand for retrofit and renovation projects, the activity levels vary by geographies. Underlying demand was driven by the RoHS 1 directive, EU efforts to accelerate energy efficiency in buildings, the shift to LED lighting, and the growth of smart lighting systems. Meanwhile, the new-build market for non-residential buildings remained soft across multiple geographies. While timing remains uncertain due to broader market volatility and elevated geopolitical uncertainty, external2 projections for the next two years indicate a gradual increase in new building projects. Y ear to date Order intake decreased by 7.6% to NOK 1,401 million (1,517), due to soft market conditions, particularly in Norway, Denmark and Germany The adjusted total revenue and other operating income for PBS decreased by 7.9% to NOK 1,404 million (1,524). The main growth contributors were Finland, Ireland and Poland compared to the same period last year. PBS adjusted total revenue and other operating income1 (NOK million) PBS Order intake1 (NOK million) 722 703 763 745 Q2 26 Q2 26 Q2 25 Q2 25 (5.4%) (5.7%) NOK million Q2 2026 Q2 2025 Change 1.1-30.6.26 1.1-30.6.25 Change FY 2025 Results Adjusted total revenue and other operating income1 703 745 (5.7%) 1,404 1,524 (7.9%) 2,988 Orders Order intake1 722 763 (5.4%) 1,401 1,517 (7.6%) 3,027 Order stock1 486 522 (6.8%) 544 1 Restriction of Hazardous Substances in Electrical and Electronic Equipment (RoHS) 2 Euro construct
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glamox.com12. Financial review Marine, Offshore & Wind (MOW) Second Quarter Total order intake declined by 1.0% to NOK 410 million (414). The decline reflects a strong comparable second quarter last year, with a lower number of large Wind substation contracts awarded in Q2. Continued solid momentum and growth in Defence & Security, both from selected Naval newbuild projects in North America and Europe, with two Coast Guard fleet refurbishment contracts from France and Canada secured. Activity in Commercial Marine increased from previous quarters supported by projects in Asia and a strong market position for specialised newbuilds in Europe and special vessel refurbishments, offset by a softening of MRO activity in the North Sea. 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 decreased by 8.1% to NOK 1,135 million (1,235) driven by deliveries of large wind substation contracts and unfavourable development in foreign exchange rates. The adjusted total revenue and other operating income for the MOW division increased by 10.9% to NOK 395 million (356). Revenue growth was primarily driven by deliveries within the Defence & Security and Wind Energy verticals. Other revenues were mostly stable, varying by the cyclicality in newbuild project deliveries. Y ear to date Order intake for MOW declined by 11.0% to NOK 858 million (964), reflecting four TenneT wind substation project orders secured last year (180), compared to only one this year (44). The decrease of large Wind substation projects have been largely offset by higher growth within Defence & Security and Offshore Energy compared to first half of last year. Adjusted total revenue and other operating income for MOW increased by 14.0% to NOK 802 million (703). The growth is primarily attributable to revenues generated from the big Wind substation projects and increased delivery volumes within the Defence & Security vertical. MOW adjusted total revenue and other operating income1 (NOK million) MOW order intake1 (NOK million) 10.9% 410 414 Q2 26Q2 25 (1.0%) 395 Q2 26Q2 25 356 NOK million Q2 2026 Q2 2025 Change 1.1-30.6.26 1.1-30.6.25 Change FY 2025 Results Adjusted total revenue and other operating income1 395 356 10.9% 802 703 14.0% 1,448 Orders Order intake1 410 414 (1.0%) 858 964 (11.0%) 1,667 Order stock1 1,135 1,235 (8.1%) 1,205
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glamox.com13. Cash flow Cash flow Second Quarter Net cash flow from operating activities amounted to NOK 25 million (49), driven by operating profit of NOK 108 million (143), partly offset by taxes paid of NOK -47 million (-59). Depreciation, amortisation and impairment remained stable at NOK 44 million (45). Total core working capital1 developments contributed negatively by NOK -106 million (-18), mainly driven by increased trade receivables of NOK -79 million (21). The higher trade receivables at the end of the quarter were mainly driven by the timing of revenue during the quarter and several significant milestone invoices related to large wind projects in the MOW division. The development in core working capital was also affected by an increase in inventory with a negative contribution of NOK -18 million (-45). The inventory build-up ahead of the holiday season was less pronounced than in the same quarter last year, while remaining consistent with typical seasonal patterns. 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 4 million (-6). Changes in other assets and liabilities had a positive impact of NOK 26 million (-59), mainly due to a reduction in prepaid expenses, milestone invoicing on wind projects, while reduced prepayments from customers partly offset the positive impact in the quarter. Changes in other assets and liabilities in the second quarter last year were impacted by the settlement of restructuring provisions and timing of VAT payments. Net cash flow from investing activities amounted to NOK -18 million (10) and was related to investments in tangible fixed assets and intangible assets and interests received. Net cash flow from financing activities amounted to NOK -116 million (-105). The period included interest payments of NOK -76 million (-72), lease payments of NOK -18 million (-19), and the payment of dividends to non controlling interests, totalling NOK -15 million (-13). The net change in cash and cash equivalents for the period was NOK -109 million (-46), with exchange rate effects of NOK -5 million (-30), resulting in a cash balance of NOK 634 million, down from NOK 747 million at the end of Q1 2026. Y ear to date Net cash flow from operating activities amounted to NOK 128 million, down from NOK 157 million last year. The decrease primarily reflected lower operating profit and increased trade receivables, partly offset by lower seasonal build-up of inventory ahead of the holiday season compared to last year. The estimated currency impact on core working capital components (inventory, trade receivables, and trade payables) resulted in a positive effect of NOK 47 million in the cash flow statement. Net cash flow from investing activities amounted to NOK -21 million (18) year-to-date. Investing activities primarily comprised of expenditures on tangible fixed assets and intangible assets, partially offset by interest received. Year-to-date, net cash flow from financing activities amounted to NOK -156 million (-213). The development primarily reflected the refinancing of the Group's debt structure completed in Q1 2026, including gross proceeds from debt and bond issuances of NOK 3,734 million (0), partly offset by repayments of existing long-term debt and bonds of NOK 2,533. million (1) and refinancing fees of NOK 68 million (0). Interest payments, lease payments and dividends paid to shareholders and non-controlling interests amounted to NOK 146 million (147), NOK 37 million (39) and NOK 1,100 million (26), respectively. NOK thousands Q2 2026 Q2 2025 Change 1.1-30.6.26 1.1-30.6.25 Change FY 2025 Net cash flow from operating activities 24 974 49 238 (24 264) 128 171 156 754 (28 582) 497 291 Net cash flow from investing activities (17 587) 9 599 (27 186) (21 245) 17 887 (39 131) (31 710) Net cash flow from financing activities (116 043) (104 649) (11 394) (155 714) (213 340) 57 626 (435 715) Net change in cash and cash equivalents (108 656) (45 813) (62 844) (48 787) (38 700) (10 088) 29 865 1 Inventory, trade receivables, and trade payables
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glamox.com14. ESG Update Capital structure Significant risks and uncertainties Sustainability Outlook Following the issuance of the new bond (GLX 03) of NOK 2,538 million (EUR 225 million) in Q1 2026, together with related debt repayments of the previous bond (GLX 02) of NOK 1,359 million and dividend distributions of NOK 1,071 million (EUR 95 million), the Group’s key capital structure metrics have changed compared with the prior year figures. As of 30 June 2026, the equity amounted to NOK 654.6 million (1,691), corresponding to an equity ratio of 11.6% (30.2%). Net inter- est-bearing debt was NOK 3,242 million (2,065). The leverage ratio was 4.1x, up from 2.5x as of 30 June 2025. The Glamox Group’s borrowings consist of a senior secured bond of EUR 225 million and a revolving credit facility (RCF) of NOK 1,400 million. As of 30 June 2026, the total liquidity reserve was NOK 798 million compared to NOK 801 million as of 30 June 2025. 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 man- agement, among other things, aims to ensure it meets its financial cov- enants related to the interest-bear- ing 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 2025 Glamox 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. Glamox is committed to becoming a net-zero company by 2045, with science-based targets covering emissions across its entire value chain. 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%. In Q2 2026, the Glamox Group’s sales of connected lighting as a percentage of external revenues represents 51% and Light Management Systems 26%. 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, the 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, the business remains agile and well-prepared to navigate these challenges. However, these factors may impact the short/ medium- term growth trajectory and will be closely monitored. 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.com15. Financial statements including notes GLX Holding AS condensed consolidated interim financial statements Condensed consolidated interim statement of profit and lossCondensed consolidated interim statement of profit and loss NOK thousands Notes Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY 2025 Revenue 1 096 760 1 100 779 2 201 690 2 225 056 4 430 318 Other operating income 1 317 5 963 3 737 7 837 16 216 Total revenue and other operating income 2 1 098 077 1 106 741 2 205 427 2 232 893 4 446 534 Raw materials, consumables used and changes of finished goods 463 812 461 393 913 608 928 902 1 895 320 Payroll and related cost 367 882 358 369 737 195 725 170 1 395 694 Other operating expenses 5 114 194 99 193 226 468 207 482 430 485 Depreciation, amortisation and impairment of non-current assets 44 393 44 781 89 836 89 508 180 043 Operating profit 107 796 143 005 238 319 281 830 544 991 Financial income 24 836 12 562 36 370 26 588 52 267 Financial expenses 90 490 95 930 204 265 175 688 343 783 Net financial items 4 65 654 83 368 167 895 149 100 291 516 Profit/loss (-) before tax 42 142 59 637 70 424 132 730 253 475 Income tax expense 21 563 33 221 45 574 67 738 106 213 Profit/loss(-) for the period 20 579 26 416 24 850 64 992 147 261 Profit/loss(-) attributable to equity holders of the parent 4 364 9 901 -9 395 29 471 71 126 Profit/loss(-) attributable to non controlling interest 16 215 16 515 34 245 35 520 76 135 Earnings per share (NOK thousands) 4.4 9.9 -9.4 29.5 71.1
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Condensed consolidated interim statement of comprehensive income glamox.com16. Financial statements including notes NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY 2025 Profit/loss for the period 20 579 26 416 24 850 64 992 147 261 Other comprehensive income that will not be reclassified to profit or loss: Gain/loss from remeasurement on defined benefit plans - - - - 4 601 Tax effect on remeasurements on defined benefit plans - - - - -644 Total items that subsequently will not be reclassified to profit or loss - - - - 3 957 Other comprehensive income that may be reclassified to profit or loss: Currency translation differences -3 851 -38 393 -72 929 -29 110 -7 519 Net gain/loss on hedge of foreign subsidiaries 2 013 37 693 63 884 29 165 10 359 Tax effect from hedge of foreign subsidiaries -443 -8 292 -14 054 -6 416 -2 279 Total items that subsequently may be reclassified to profit or loss -2 281 -8 993 -23 099 -6 362 562 Other comprehensive income for the period -2 281 -8 993 -23 099 -6 362 4 519 Total comprehensive income for the period 18 298 17 423 1 751 58 630 151 780 Total comprehensive income attributable to equity holders of the parent 2 627 3 052 -26 989 24 626 74 568 Total comprehensive income attributable to non controlling interest 15 672 14 371 28 740 34 004 77 212
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NOK thousands Notes 30 June 2026 30 June 2025 31 December 2025 ASSETS Intangible non-current assets and goodwill 2 897 326 2 930 233 2 929 226 Tangible non-current assets 422 987 436 439 438 393 Deferred tax assets 70 622 76 106 72 216 Other non-current assets 24 281 10 469 10 613 Total non-current assets 3 415 217 3 453 247 3 450 447 Inventory 840 660 827 761 836 325 Receivables 737 250 670 031 662 978 Cash and cash equivalents 3 633 613 648 124 736 572 Total current assets 2 211 523 2 145 915 2 235 875 TOTAL ASSETS 5 626 740 5 599 162 5 686 322 EQUITY AND LIABILTIES Equity 323 475 1 371 932 1 421 874 Non-controlling interests 331 085 318 724 361 932 Total equity 654 560 1 690 657 1 783 806 Pension liabilities 27 082 34 294 26 888 Non-current interest bearing liabilities 3 3 670 625 2 525 960 1 342 695 Non-current lease liabilities 3 75 960 85 749 79 063 Deferred tax liabilities 254 664 263 566 279 070 Non-current provision and other liabilities 32 173 71 367 32 689 Total non-current liabilties 4 060 503 2 980 936 1 760 405 Trade payables 354 145 379 696 358 135 Income tax payable 71 943 56 528 60 085 Other payables 119 942 128 144 125 341 Dividend 6 31 070 26 218 - Current interest bearing liabilities 3 - - 1 210 313 Current lease liabilities 3 55 279 60 017 61 630 Provisions and other liabilities 279 297 276 966 326 606 Total current liabilities 911 677 927 570 2 142 111 TOTAL EQUITY AND LIABILTIES 5 626 740 5 599 162 5 686 322 glamox.com17. Financial statements including notes Condensed consolidated interim statement of financial position
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glamox.com18. 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 2025 1 000 1 599 346 -178 470 1 421 874 361 932 1 783 806 Current period profit (loss) -9 395 - 9 395 34 245 24 850 Other comprehensive income (loss) -17 594 -17 594 -5 506 -23 099 Total comprehensive income (loss) -26 989 -26 989 28 740 1 751 Dividends - 1 071 410 -1 071 410 -59 586 -1 130 996 Balance as of 30 June 2026 1 000 527 936 - 205 459 323 475 331 085 654 560 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) 29 471 29 471 35 520 64 992 Other comprehensive income (loss) -4 846 -4 846 -1 516 -6 362 Total comprehensive income (loss) 24 626 24 626 34 004 58 630 Dividends - -52 436 -52 436 Balance as of 30 June 2025 1 000 1 599 346 -228 412 1 371 932 318 724 1 690 657
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glamox.com19. Financial statements including notes Condensed consolidated interim statement of cash flow NOK 1000 Notes Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY 2025 Operating profit 107 796 143 005 238 319 281 830 544 991 Taxes paid -47 142 -58 545 -64 575 -87 558 -113 152 Depreciation, amortisation and impairment 44 393 44 781 89 836 89 508 180 043 Gain from sale of assets - -3 060 - -3 060 -3 060 Changes in inventory -18 317 -44 910 -4 335 -50 032 -58 596 Changes in trade receivables -78 647 21 453 -73 738 -38 921 13 612 Changes in trade payables -9 012 5 839 -3 990 20 816 -745 Changes in other assets and liabilities 25 904 -59 324 -53 346 -55 830 -65 802 Net cash flow from operating activities 24 974 49 238 128 171 156 754 497 291 Proceeds from sale of tangible fixed assets and intangible assets - 10 327 - 10 327 10 327 Purchase of tangible fixed assets and intangible assets -28 849 -13 572 -43 901 -19 204 -74 796 Payment of contingent consideration - - - - -18 354 Interest received 11 262 12 844 22 656 26 763 51 113 Net cash flow from investing activites -17 587 9 599 -21 245 17 887 -31 710 Proceeds from issuance of debt - - 1 196 082 - - Proceeds from issuance of bonds - - 2 537 550 - - Refinancing fee paid -3 295 - -67 814 - - Lease payments incl interest -18 187 -18 840 -36 961 -39 204 -76 671 Interests paid -76 217 -72 186 -146 164 -146 871 -292 658 Repayment of long-term debt -319 -515 -1 174 422 -1 046 -2 064 Repayment of bonds - - -1 359 116 - - Dividend paid to non-controlling interest 6 -15 493 -13 109 -28 602 -26 219 -52 437 Dividend paid - - -1 071 410 - - Other cash flow from financing activities -2 532 - -4 858 - -11 884 Net cash flow from financing activites -116 043 -104 649 -155 714 -213 340 -435 715 Net change in cash and cash equivalents -108 656 -45 813 -48 787 -38 700 29 865 Effect of change in exchange rate -4 730 -30 197 -54 171 -25 525 -5 642 Cash and cash equivalents, beginning of period 747 000 724 133 736 572 712 348 712 348 Cash and cash equivalents, end of period 633 613 648 124 633 613 648 124 736 572
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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 IAS34 for interim financial reporting. GLX Holding AS has applied the same accounting policies as in the IFRS consolidated financial statment for 2025. 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 statment for 2025. The quarterly report has not been audited. The preparation of the interim financial statments requires the use of evaluations, estimates and assumtions that affect the application of the 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 statments, in applying the 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 statment for 2025. 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.com20. Financial statements including notes Note 1 - General information and accounting principles Note 2 – Operating segments Q2 2026 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 703 088 394 989 - 1 098 077 Total operating expenses 1 974 294 974 294 EBITA 123 783 EBITA margin 11.3 % Q2 2025 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 745 485 356 073 5 183 1 106 741 Total operating expenses 1 947 484 947 484 EBITA 159 257 EBITA margin 14.4 % 1.1-30.6.26 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 1 403 755 801 672 - 2 205 427 Total operating expenses 1 1 933 460 1 933 460 EBITA 271 966 EBITA margin 12.3 % 1 Excluded amortisation and impairment of intangible-assets 1.1-30.6.25 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 1 524 355 703 355 5 183 2 232 893 Total operating expenses 1 1 919 188 1 919 188 EBITA 313 704 EBITA margin 14.0 % FY 2025 NOK thousands PBS MOW Unallocated Group Total revenue and other operating income 2 988 190 1 448 010 10 334 4 446 534 Total operating expenses 1 3 837 208 3 837 208 EBITA 609 326 EBITA margin 13.7 %
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glamox.com21. Financial statements including notes The Group holds a bond and a revolving facility. The multi-currency revolving facility has a credit limit of NOK 1,400 million and by the end of Q2 2026 the utilized amount was NOK 1,227 million. Net interest bearing debt is NOK -3,242 million as of 30 June 2026. The liquidity reserve is NOK 798 million as of as of 30 June 2026. On 4 June 2026, GLX Holding AS entered into two 2-year EUR/SEK cross-currency swap agreements with two separate counterpar- ties, each with a notional amount of EUR 33.75 million, resulting in a total notional amount of EUR 67.5 million. Note 3 – Interest bearing liabilities to financial institutions and bondholders Note 5 – Related party transactions Note 6 – Dividend to non-controlling interests Related parties are Group companies, major shareholders, board and senior manage- ment in the parent company and the group subsidiaries. All transactions within the Group or with other related parties are based in the principle of arm's lenght. GLX Holding AS has agreements with Triton Advisers Limited and West Park Managment Services Limited for counseling. In Q2 2026, the company has expensed NOK 2.5 million. On January 26, 2026, the Board of Directors of Glamox AS approved an additional dividend distribution of NOK 0.83 per share, corresponding to NOK 55 million. Dividend was distributed on 13 February 2026, of which GLX Holding AS received NOK 41.9 million and non-controlling interests of the GLX Holding AS Group received NOK 13.1 million. On May 5, the General Assembly of Glamox AS approved a dividend distribution of SEK 46.5 million and NOK 148.5 million, corresponding to NOK 2.96 per share. Note 4 – Financial income and expenses 1 In Q2 2026, other financial income include NOK 13.8 million in fair value change on cross currency swaps. NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY 2025 Financial Income Net currency gain Interest income 11 262 12 844 22 656 26 763 51 113 Other financial income 1 13 575 -283 13 713 -175 1 154 Total financial income 24 836 12 562 36 370 26 588 52 267 Financial expenses Net currency loss 2 733 12 791 24 003 10 290 13 206 Interest expenses 81 963 80 958 162 698 159 801 314 934 Other financial expenses 5 795 2 180 17 564 5 596 15 642 Total financial expenses 90 490 95 930 204 265 175 688 343 783 Tranche Quarter paid GLX Holding AS amount (SEK) GLX Holding AS amount (NOK) Non-controlling interests amount (NOK) 1 Q2 2026 SEK 15.5 million NOK 34.0 million NOK 15.5 million 2 Q3 2026 SEK 15.5 million NOK 34.0 million NOK 15.5 million 3 Q4 2026 SEK 15.5 million NOK 34.0 million NOK 15.5 million Total SEK 46.5 million NOK 102.0 million NOK 46.5 million Note 7 – Subsequent events On 9 July 2026, Glamox completed the acquisition of Consolite Technology Limited, a UK-based company specialising in military lighting and optical communication systems. The acquisition strengthens Glamox's capabilities within the naval and defence market and complements the Group's existing portfolio and expertise in the Marine, Offshore & Wind division. Consolite, headquartered in Zeals, United Kingdom, employs approximately 30 people and has more than 40 years of experience developing specialised lighting and optical communication systems for naval and defence applications. For the financial year ended 30 November 2025, Consolite reported total revenues of GBP 3.7 million and EBITDA of GBP 0.5 million. Consolite will become part of Glamox's Marine, Offshore & Wind division.
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glamox.com22. Financial statements including notes Oslo, 24 August 2026 Mikael Aro Joachim Espen Hanna-Maria Heikkinen Chairman Board member Board member Statement by the board of directors Today, the board of directors reviewed and approved the half-yearly board of directors' report and the unaudited condensed consolidated half-yearly financial statements for GLX Holding AS as of 30 June 2026 and for the six-month period ended 30 June 2026 (half-yearly financial report 2026). The half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed by the EU, and the Norwegian additional requirements in the Securities Trading Act. To the best of our knowledge • the half-yearly financial statements for 2026 have been prepared in accordance with applica- ble financial reporting standards • the half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit (or loss) as a whole as of 30 June 2026. • the half-yearly board of directors' report includes a fair review of - important events that have occurred during the first six months of the financial year, and their impact on the half-yearly financial statements - the principal risks and uncertainties for the remaining six months of the financial year - major related party transactions
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23. Alternative Performance Measures (APMs) Alternative Performance Measures (APMs) 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 Accounting Standards). 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 and other operating income, 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 Accounting Standards 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 Accounting Standards 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 Accounting Standards financial measures that the group considers to be an APM, and these measures should not be viewed as a substitute for any IFRS Accounting Standards 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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24. APM-reconciliation glamox.com APM-reconciliationAPM-reconciliation NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY2025 EBIT1 107 796 143 005 238 319 281 830 544 991 Special items 30 469 -773 50 353 10 775 70 668 Adjusted EBIT1 138 265 142 232 288 672 292 605 615 659 Total revenue and other operating income 1 098 077 1 106 741 2 205 427 2 232 893 4 446 534 Adjusted total reve nue and other operating income 1 1 098 077 1 101 558 2 205 427 2 227 710 4 436 200 EBIT margin 1 9.8 % 12.9 % 10.8 % 12.6 % 12.3 % Adjusted EBIT marg in1 12.6 % 12.9 % 13.1 % 13.1 % 13.9 % NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY2025 Profit/loss for the period 20 579 26 416 24 850 64 992 147 261 Income tax expense 21 563 33 221 45 574 67 738 106 213 Net financial items 65 654 83 368 167 895 149 100 291 516 EBIT1 107 796 143 005 238 319 281 830 544 991 Amortisation and impairment of intangible-assets 15 987 16 252 33 647 31 875 64 335 EBITA1 123 783 159 257 271 966 313 704 609 326 Depreciation and impairment of tangible-assets 28 407 28 529 56 189 57 633 115 708 EBITDA1 152 189 187 786 328 155 371 338 725 034 Special items 29 417 -773 49 301 10 775 70 652 Adjusted EBITDA1 181 606 187 013 377 456 382 113 795 686 Total revenue and other operating income 1 098 077 1 106 741 2 205 427 2 232 893 4 446 534 Adjusted total revenue and other operating income 1 1 098 077 1 101 558 2 205 427 2 227 710 4 436 200 EBITDA marg in1 13.9 % 17.0 % 14.9 % 16.6 % 16.3 % Adjusted EBITDA marg in1 16.5 % 17.0 % 17.1 % 17. 2 % 17.9 % NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY2025 Total revenue and other operating income 1 098 077 1 106 741 2 205 427 2 232 893 4 446 534 Special items in total revenue and other operating income - 5 183 - 5 183 10 334 Adjusted total revenue and other operating income 1 1 098 077 1 101 558 2 205 427 2 227 710 4 436 200 Adjusted EBIT 1 Adjusted EBITA 1 Adjusted EBITDA 1 Adjusted total revenue and other operating income 1 NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY2025 EBITA1 123 783 159 257 271 966 313 704 609 326 Special items 30 469 -773 50 353 10 775 70 668 Adjusted EBITA1 154 252 158 484 322 319 324 479 679 994 Total revenue and other operating income 1 098 077 1 106 741 2 205 427 2 232 893 4 446 534 Adjusted total revenue and other operating income 1 1 098 077 1 101 558 2 205 427 2 227 710 4 436 200 EBITA margin 1 11.3 % 14.4 % 12.3 % 14.0 % 13.7 % Adjusted EBITA marg in1 14.0 % 14.4 % 14.6 % 14.6 % 15.3 %
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APM-reconciliation cont. 25. APM-reconciliation glamox.com NOK thousands 1.1-30.6.26 1.1-30.6.25 FY2025 Non-current interest bearing liabilities 3 670 625 2 525 960 1 342 695 Non-current lease liabilities 75 960 85 749 79 063 Current interest bearing liabilities - - 1 210 313 Current lease liabilities 55 279 60 017 61 630 Arrangement fees 64 343 14 602 8 452 Interest bearing debt 3 866 207 2 686 328 2 702 153 Cash and cash equivalents (excluded restricted cash) -624 463 -620 865 -713 656 Net debt 3 241 744 2 065 463 1 988 497 Adjusted EBITDA_LTM 791 029 831 984 795 686 Leverage ratio 4.1 2.5 2.5 Net debt and leverage ratio 1 Please refer to page 23 for explanations on the APM definitions NOK thousands Q2 2026 Q2 2025 1.1-30.6.26 1.1-30.6.25 FY2025 Claim cost related to specific product - - - 5 151 Restructuring - 2 123 - 2 123 2 123 Other - 3 060 - 3 060 3 060 Total special items in Other operating income - 5 183 - 5 183 10 334 Restructuring cost/growth initatives 26 457 5 142 44 884 14 230 62 790 Claim cost related to specific product - -5 058 - -5 058 92 Acqusition and integration cost 418 592 418 592 1 037 ERP Integration 1 441 1 490 1 898 2 250 1 917 Other 1 102 2 244 2 101 3 944 15 150 Total special items in EBITDA 29 417 -773 49 301 10 775 70 652 Impairment of non-current assets 1 052 - 1 052 - 17 Total Special items in EBIT 30 469 -773 50 353 10 775 70 668 Special items
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26. 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. Wind energy The Glamox Group’s established presence in the offshore energy sector has enabled it to offer a broad portfolio to the Wind Energy 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 & 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 & 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