GLX Holding AS: Interim report 4th quarter and preliminary full-year report 2022

GLX Holding AS (GLX), holding company of Glamox AS, posts record high revenues
and order intake for Q4'22 on the back of a strong full-year performance

Fourth Quarter 2022
o	Total Revenue: up 15.9% at NOK 1,049 (NOK 905 million)
o	Order intake: NOK 1,074m (NOK 1,054m)  
o	Adj. EBITDA: up 32.4% at NOK 145m (NOK 109m) 
o	Adj. EBITDA margin: 14.3% (12.1%)  
o	Net cash flow from operating activities: NOK 121m (NOK 133m) 

Preliminary full-year 2022
o	Total Revenue: up 11.7% at NOK 3,772m (NOK 3,377m) 
o	Order intake: NOK 3,860m (NOK 3,758m)  
o	Adj. EBITDA: up 22.0% at NOK 544m (NOK 445m) 
o	Adj. EBITDA margin: 14.6% (13.2%)  
o	Net cash flow from operating activities: NOK 168m (NOK 170m) 

Oslo, Norway, 3 February 2023 - GLX Holding AS, which is the holding company of
Glamox AS, a leading lighting company, today announced record high revenues and
order intake for its fourth quarter (Q4'22), along with strong profitability,
despite the challenging macroeconomic environment. Revenues for the quarter were
NOK 1,049 million, up 15.9% on the year-ago quarter with Adjusted EBITDA at NOK
145 million, up 32.4% respectively. The performance is attributable to pricing
and cost-saving initiatives as well as growth in both its divisions, led by its
Marine, Offshore & Wind business. The strong quarter rounded off a robust year
for Glamox which saw revenues up 11.7% and Adjusted EBITDA up 22.0%
year-on-year.

Glamox Group has secured a new corporate-style revolving credit facility with
the incumbent banks DNB and Danske Bank. In relation to that, GLX Holding AS has
mandated Arctic Securities, Danske Bank, and DNB Markets for a potential
refinancing of the outstanding senior secured bond.

Astrid Simonsen Joos, Group CEO of Glamox, who joined Glamox on 1 August 2022,
remarked:

"We made excellent progress during the quarter. Our pricing and cost-efficiency
initiatives continued to bear fruit and both divisions performed well. Revenues
in our Marine, Offshore & Wind division were up 45.4% over the same period last
year. They were driven by sales of lighting for commercial vessels, combined
with navy and wind segments, which continued their positive momentum. During the
quarter, we released a new concept to address the rapidly growing market for
offshore wind. At the same time, market demand for our LED luminaires and
connected lighting products for professional buildings continued to be strong
compared to historical levels, with increased demand for retrofit solutions.

"I'm pleased that we are executing a new company strategy and making continued
progress in sustainability, reducing our overall environmental footprint and
improving those of our customers. We remain on course and committed to our goal
of achieving Net Zero operations by 2030.

"Looking ahead, we are well-positioned for continued growth. Our business
fundamentals remain solid and we enjoy strong products and market positions, and
possess a highly capable team. Glamox is well-placed to serve high-growth
markets, such as connected lighting, Human Centric Lighting, and offshore wind.
We are also well-positioned to capitalize on the growing demand for lighting
solutions being driven by the need for energy savings, decarbonisation, and new
EU regulations."

Please find attached the full GLX Holding AS interim report 4th quarter and
preliminary full-year report 2022.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Kjetil Østvold, Head of IR and Analysis at Glamox
AS.

Date and time of publication: 08:00 CET, 3 February 2023.


For further information please contact:

Kjetil Østvold
Head of Investor Relations & Analysis
Tel: [phone]
Email: [e-mail] or [e-mail]


About Glamox AS
Glamox, a Triton portfolio company, is a leading lighting company, headquartered
in Oslo, Norway. It develops, manufactures, and provides quality,
energy-efficient lighting for professional buildings in Europe and for the
world's marine, offshore and wind markets. The company's mission is to provide
sustainable lighting solutions that improve the performance and well-being of
people. Glamox is committed to achieving Net Zero operations by 2030.  

www.glamox.com


Disclaimer Forward-looking statements
This Interim report may include "forward-looking statements". These statements
can be identified by the use of forward-looking terminology, including the terms
"assumes," "believes," "estimates," "anticipates," "probability," "risk,"
"target," "goal," "objective," "expects," "intends," "projects," "plans," "may,"
"will" or "should" or, in each case, their negative or other variations or
comparable terminology.  These forward-looking statements include all matters
that are not historical facts. They include statements regarding the intentions,
beliefs, or current expectations of the Company concerning, among other things,
the Company's results of operations, financial condition, liquidity, prospects,
growth, strategies and the industry in which it operates, and include any
business plan information included in this report. Any forward-looking
statements which the Company make in this Interim report speak only as of the
date of such statement. These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that could
cause actual results to differ materially from those in the forward-looking
statements. As a result, you should be cautious in placing any reliance on such
statements and make your own judgment as to the likelihood of such statements
materialising in the future and the reasonableness of any underlying
assumptions. The Company does not intend, and undertakes no obligation, to
revise the forward-looking statements included in this report to reflect any
future events or circumstances. 

The Company has included non-IFRS financial measures in this Trading Update,
which may not comply with the U.S. Securities and Exchange Commission rules
governing the presentation of financial measures. These financial measures may
not be comparable to those of other companies. Reference to these non-IFRS
financial measures should be considered in addition to IFRS financial measures,
but should not be considered a substitute for results that are presented in
accordance with IFRS.

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