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GLX Holding AS, the holding company of Glamox, closes 2025 with improved profitability and robust performance

In the recent quarter, it reported revenue growth in its Marine, Offshore & Wind (MOW) division, while its Professional Building Solutions (PBS) division was affected by the sector-wide softness in the construction of new non-residential buildings in Europe. The full year was marked by a strong Group performance with improved profitability and margins, alongside ongoing operational improvements.

Fourth quarter 2025

  • Order intake down 8.2% at NOK 1,210 million (1,318)
  • Total revenue and other operating income down 2.4% at NOK 1,139 million (1,167)
  • Adjusted EBITA down 1.8% at NOK 171 million (174)
  • Adjusted EBITA margin up at 15.1% (14.9%)
  • Net cash flow from operating activities at NOK 220 million (283)

 

Financial Year 2025

  • Order intake up 4.9% at NOK 4,694 million (4,476)
  • Total revenue and other operating income down 0.9% at NOK 4,447 million (4,487)
  • Adjusted EBITA up 1.5% at NOK 680 million (670)
  • Adjusted EBITA margin up 0.4 percentage points to 15.3% (14.9%)
  • Net cash flow from operating activities at NOK 497 million (691)
  • Leverage ratio at 2.5x (2.6x)

GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced its results for the fourth quarter and preliminary full-year 2025. In the recent quarter, it reported revenue growth in its Marine, Offshore & Wind (MOW) division, while its Professional Building Solutions (PBS) division was affected by the sector-wide softness in the construction of new non-residential buildings in Europe. The full year was marked by a strong Group performance with improved profitability and margins, alongside ongoing operational improvements.

In the fourth quarter, total revenue and other operating income declined by 2.4%, reflecting continued softness in non-residential newbuild activity affecting PBS and project delivery timing in MOW. The MOW division achieved year‑on‑year quarterly revenue growth, driven by strong execution in its Wind Energy and Defence & Security verticals. Overall, adjusted EBITA for the quarter was NOK 171 million (174), with an improved adjusted EBITA margin of 15.1% (14.9). The comparative order intake was expected to show a decline due to two of the largest orders in the company’s history in the final quarter of 2024.

For the full-year 2025, total revenue and other operating income amounted to NOK 4,447 million (4,487), representing a modest decline of 0.9%. Adjusted EBITA for 2025 increased 1.5% to NOK 680 million (670), with the adjusted EBITA margin up 0.4 percentage points to 15.3% (14.9%). Order intake was up 4.9% at NOK 4,694 million (4,476), demonstrating healthy fundamentals. The company’s share of connected lighting and light management systems as a percentage of sales grew to 49% and 23%, respectively.

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Astrid Simonsen Joos, Group CEO of Glamox, commented: “During the fourth quarter, our Marine, Offshore & Wind division experienced revenue growth, driven by progress on major projects. Our Professional Building Solutions division still faced sector-wide softness in the construction of new non-residential buildings in Europe. Despite this, we made significant progress in innovation and digitalisation, improved our operational efficiency, and improved our adjusted EBITA margin.

“Overall, 2025 saw a robust performance given current market conditions. We believe Glamox to be in better shape than last year. Despite some headwinds in the non-residential buildings market, we maintained strong execution of our strategy, improved our operations, achieved solid cost control, and increased adjusted EBITA. These results reflect our team's dedication and the resilience of our business. We are on a good trajectory for 2026.”

Please click here for the full GLX Holding AS interim report for the 4th quarter and preliminary full-year 2025.