Q1 25: Continued growth in revenue and order intake

GLX Holding AS, the holding company of Glamox, reports continued growth in revenue and order intake, with improved profitability in its first quarter.

First quarter 2025

  • Total revenue and other operating income up 6.7% at NOK 1,126 million (1,056)
  • Order intake up 19.0% at NOK 1,304 million (1,096)
  • Adjusted EBITA up 45.6% at NOK 166 million (114)
  • Adjusted EBITA margin up 3.9 percentage points to 14.7%
  • Net cash flow from operating activities at NOK 108 million (22)
  • Substantial contracts awarded in Navy, Wind, and Commercial marine verticals
  • Continuing demand for building retrofit projects


GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced continued revenue growth and improved profitability in its first quarter. Total revenue and other operating income in the period grew 6.7% to NOK 1,126 million (1,056). Adjusted EBITA rose 45.6% to NOK 166 million (114), with the adjusted EBITA margin increasing by 3.9 percentage points to 14.7% (10.8%). The company’s order intake increased by 19.0% to NOK 1,304 million (1,096), supported by substantial contract awards in its Marine, Offshore & Wind division.

Astrid Simonsen Joos, Group CEO of Glamox, commented, “Both our Marine, Offshore & Wind (MOW) and Professional Building Solutions (PBS) divisions performed well, and I’m very pleased with this strong start to the year, which builds on the progress of previous quarters. We saw solid revenue growth, margin expansion, and a significant increase in adjusted EBITA. Driving this was higher revenue in MOW, a favourable product and customer segment mix in both divisions, and the positive effects of our operational and cost-improvement initiatives. This led to a cash flow from operating activities of NOK 108 million (22), reducing leverage to 2.4x from 3.9x in the year-ago quarter.

“Our PBS division continues to see demand for lighting retrofit and renovation projects, while our MOW division experienced a significant uptick in its order intake for the second consecutive quarter, particularly in the Navy, Offshore Wind, and Commercial Marine verticals. At the same time, we launched new products, made good progress with operational efficiencies, and increased our digitalisation efforts. Overall, I am very pleased with the significant progress our teams have made during the quarter.”

Please click here for the full GLX Holding AS interim report for the first quarter of 2025