GLX holding delivers solid Q3 2025 despite revenue dip

GLX Holding AS announced solid Q3 2025 results, with order intake climbing 5.2% to NOK 1,002 million and 10.3% year-to-date, reaching NOK 3,483 million. This growth was fueled by significant wins in the marine, offshore & wind (MOW) division, including contracts for the Hornsea 3 wind farm and Royal Canadian Navy destroyers, alongside renewed positive momentum in the professional building solutions (PBS) division.

Despite a 3.8% decline in total revenue and other operating income to NOK 1,075 million due to softness in non-residential building construction and project timing, the adjusted EBITA margin remained healthy at 17.2%. Adjusted EBITA for the quarter was NOK 185 million, a 14.1% decrease from Q3 2024, influenced by lower revenues and shifts in product and customer mix.

The company also reported a decrease in net cash flow from operating activities to NOK 121 million for the quarter and NOK 277 million year-to-date, primarily due to working capital movements and inventory build-up. Leverage was reduced to 2.6x, down from 3.0x. Strategic initiatives, including the rollout of the myGlamox customer self-service portal and expansion of connected lighting solutions, are progressing well.