Glamox (GLAM) Q4 2025 earnings summary

Executive summary

• Achieved record-high order intake of NOK 4,694 million, up 4.9% year-over-year, despite a slight 0.9% revenue decline to NOK 4,447 million.

• Profitability improved with adjusted EBITA up 1.6% to NOK 691 million and margin rising to 15.6%.

• Strong growth in Marine, Offshore & Wind (MOW) offset weaker Professional Building Solutions (PBS) new-build demand.

• Strategic focus on connected lighting, digitalisation, and sustainability drove operational and margin gains.

Financial highlights

• Adjusted EBITDA increased to NOK 807 million (18.2% margin), up from NOK 797 million (17.8%) in 2024.

• Operating profit rose to NOK 556 million from NOK 525 million year-over-year.

• Net profit reached NOK 319 million, up from NOK 305 million.

• Earnings per share improved to NOK 4.84 from NOK 4.62.

• Net cash flow from operating activities was NOK 506 million, down from NOK 695 million, mainly due to higher inventories.

• Equity ratio strengthened to 28.0% from 25.0%; leverage ratio improved to 0.8x adjusted EBITDA.

Outlook and guidance

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

• Near-term visibility is uncertain due to macroeconomic factors, but the business is well-positioned to capitalize on growth opportunities.