Glamox Parent GLX Holding Reports Stable Q1 Results Amid Mixed Market Conditions

GLX Holding Reports Stable Q1

First quarter 2026

  • Relatively stable Group revenues driven by strong growth in Marine, Offshore & Wind (MOW) and continued market headwinds impacting Professional Building Solutions (PBS)
  • Increased Adjusted EBITA margin to 15.2% (14.7), demonstrating robust performance and effective cost-control
  • Order intake down, reflecting high comparables in MOW and soft non-residential building construction in PBS
  • Order stock up 7.2% at NOK 1,765 million (1,646)
  • Stable net cash flow from operating activities of NOK 103 million
  • Refinancing of bond and Revolving Credit Facility completed

Oslo, Norway, 21 May 2026 – GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced a first-quarter performance in line with expectations. Despite a challenging macroeconomic environment, it reported revenue growth in its Marine, Offshore & Wind (MOW) division, supported by strong development in its Wind Energy and Defence & Security verticals. An improved adjusted EBITA margin, along with the successful issuance of a new EUR 225 million five‑year senior secured bond and refinancing of the Revolving Credit Facility, enhanced the Group’s liquidity profile.  

Total revenue and other operating income declined by 1.7%, impacted by varied external market conditions. The MOW division achieved year‑on‑year quarterly revenue growth of 17%. This growth offset a decline in Professional Building Solutions (PBS) revenues, driven by softness in the construction of new non-residential buildings in Europe. Adjusted EBITA for the quarter was NOK 168 million (166), with an improved adjusted EBITA margin of 15.2% (14.7). This quarter’s order intake declined, largely as expected, due to a combination of market headwinds, the project nature of the business, and a strong comparable first quarter last year.

Astrid Simonsen Joos, Group CEO of Glamox, commented, “I am pleased with our positive start to the year across the business, especially given the current market challenges. We saw strong revenue growth for our MOW division, increased order stock, and improved cost efficiency supporting a higher adjusted EBITA margin. At the same time, we’ve strengthened our market focus, deepened our customer insights, and continued to improve our sales processes through the delivery of our Commercial Excellence programme and our renewed digitalisation efforts.”

“Our strategic focus on high-growth verticals such as Wind Energy and Defence & Security helped to increase this quarter’s revenues in our MOW division by 17%. While our PBS division faced market headwinds, our strong expertise in delivering lighting solutions for retrofit and renovation projects helped to maintain a healthy pipeline of contract wins. As our customers place a renewed focus on energy efficiency and sustainability, we are also seeing a strong appetite for our connected lighting and light management systems.”

“Going forward, our ability to withstand the current market uncertainties has been further strengthened by effective operational and cost-improvement initiatives. Additionally, this quarter, we have issued a new five-year senior secured bond and refinanced our Revolving Credit Facility. With disciplined execution, a strong cost focus, and a diversified business model, we are well-positioned to manage short-term volatility while continuing to build long-term value. Overall, I am pleased with our relative performance this quarter and look forward to building on our strong foundations for the rest of this year.”

Please click here for the full GLX Holding AS interim report for the first quarter of 2026.

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