GLX Holding (GLX) investor relations material

Executive summary

• Q1 2026 performance aligned with expectations, with solid operating results despite macroeconomic uncertainty and continued headwinds in the Professional Building Solutions (PBS) segment.

• Group revenues remained stable, with strong growth in Marine, Offshore & Wind (MOW) offsetting declines in PBS.

• Margin expansion driven by strong MOW revenue growth, particularly in Wind Energy and Defence & Security verticals, with adjusted EBITA margin improving to 15.2% from 14.7% year-over-year.

• Strategic wins in Defence & Security, including a new US Navy contract, reinforce long-term demand visibility.

• Strategic focus on innovation, digitalisation, and sustainability, with new product launches and major contract wins in MOW.

Financial highlights

• Group adjusted total revenue for Q1 2026 was NOK 1,107 million, a 1.7% year-over-year decline; currency-adjusted revenue was flat.

• Adjusted EBITA increased 1.2% YoY to NOK 168 million, with margin up to 15.2% from 14.7%.

• Order intake for Q1 2026 was NOK 1,127 million, down 13.5% YoY, but order stock increased by 7.2%.

• Operating profit was NOK 131 million, down 6.0% YoY; net profit for the period was NOK 4 million, down from NOK 39 million in Q1 2025.

• Net cash flow from operating activities was NOK 103 million in Q1 2026.

Outlook and guidance

• Market fundamentals driven by energy savings, refurbishment, regulation, and smart lighting solutions.

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

• Medium-term recovery expected in non-residential newbuild construction, though timing remains uncertain.

• Continued focus on retrofit, renovation, and high-growth verticals such as Defence & Security, Wind Energy, and Data Centres.

• Strategic focus on Defence & Security and retrofit markets to support growth.