Glamox
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Glamox (GLAM) investor relations material

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Glamox Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2024 earnings summary27 Feb, 2025

Executive summary

  • Achieved record-high order intake of NOK 4,476 million (+3.7%) and revenues of NOK 4,487 million (+5.2%) year-over-year, driven by strong demand for energy-efficient smart lighting solutions and regulatory tailwinds.

  • Adjusted EBITA rose 35.6% to NOK 681 million, with margin improvement to 15.2% (from 11.8%), supported by cost savings, product mix, and growth in Marine, Offshore & Wind (MOW).

  • Strategic initiatives included the acquisition of MARL International, production consolidation in Poland, and digitalisation efforts.

  • Science-based net-zero targets validated by SBTi, with progress on emissions reduction and circular economy initiatives.

Financial highlights

  • Revenue: NOK 4,487 million (+5.2% year-over-year).

  • Adjusted EBITDA: NOK 797 million (margin 17.8%, up from 14.7%).

  • Adjusted EBITA: NOK 681 million (margin 15.2%, up from 11.8%).

  • Operating profit: NOK 525 million.

  • Net income: NOK 305 million (EPS NOK 4.62, up from NOK 2.15).

  • Cash flow from operations: NOK 695 million.

  • Equity ratio: 25.0% (up from 21.9%).

  • Leverage ratio: 0.9x adjusted EBITDA (down from 1.4x).

Outlook and guidance

  • Long-term growth prospects remain positive, underpinned by demand for energy-efficient lighting, stricter regulations, and investments in offshore energy, navy, and wind sectors.

  • Near-term visibility is uncertain due to macroeconomic and geopolitical factors, but the business is agile and well-prepared.

  • Targeting 45% of turnover from connected lighting by 2025 (2024: 42%).

Strategic rationale for MARL acquisition
Impact of RoHS directive on PBS retrofit demand
Progress toward 2025 connected lighting target
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    Frequently asked questions

    Glamox is a Norwegian industrial group specializing in the development, manufacture, and distribution of professional lighting solutions. The company targets a global market, offering a wide range of products including luminaires, navigation lights, searchlights, and electrical heaters, catering primarily to the marine and offshore sectors. Glamox emphasizes energy efficiency and sustainability in its lighting technologies, aiming to enhance the performance and well-being of individuals in various environments. The company also provides solutions for non-residential buildings, such as offices and production facilities, ensuring each customer receives dedicated support regardless of the application's complexity.The company is headquartered in Oslo, Norway.

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