Glamox (GLAM) Q4 2024 earnings summary

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%).