Glamox (GLAM) Q4 2023 earnings summary

Executive summary

• Record 2023 revenue and operating income reached NOK 4,266 million, up 13.1% YoY; adjusted EBITA rose 14.4% as pricing and efficiency offset inflation.

• Order intake increased 11.8% to NOK 4,315 million; year-end order stock was NOK 1,342 million.

Financial highlights

• Revenue and other operating income was NOK 4,266 million versus NOK 3,772 million in 2022; adjusted EBITDA was NOK 625 million versus NOK 547 million.

• Adjusted EBIT was NOK 433 million, up 19.0%; reported operating profit was NOK 377 million versus NOK 294 million, after NOK 56 million of special items.

• Profit before tax was NOK 237 million versus NOK 214 million; net income was NOK 142 million versus NOK 170 million, and EPS was NOK 2.15 versus NOK 2.57.

• Operating cash flow rose to NOK 619 million from NOK 167 million; total cash flow was NOK 217 million versus an outflow of NOK 38 million.

Outlook and guidance

• Long-term growth prospects were assessed as positive, supported by energy-efficient lighting demand, offshore energy and wind investment, and the Green Light Strategic Aspirations Plan.

• Growth priorities include retrofits, connected lighting, human-centric lighting, and expanding offshore wind opportunities across new-build and retrofit projects.