GLX Holding AS: Q2 and half-year 2026 - A resilient second-quarter performance

GLX Holding AS, the holding company of Glamox, reports a resilient second-quarter performance Second quarter 2026

• Stable Group revenues with growth in Marine, Offshore & Wind (MOW) offsetting continued market headwinds impacting Professional Building Solutions (PBS) • Adjusted EBITA margin at 14.0% (14.4%) • Order intake down, reflecting high comparables in MOW and soft non-residential building construction in PBS • Order stock at NOK 1,622 million (1,758) • Initiatives and investments made to strengthen operational performance and commercial execution

Oslo, Norway, 27 August 2026 – GLX Holding AS, the holding company of Glamox AS, a leading lighting company, today announced a resilient second-quarter performance. Despite challenging external market conditions, it reported stable Group revenues, with revenue growth in its Marine, Offshore & Wind (MOW) division, offsetting a decline in Professional Building Solutions (PBS) revenues.

Total revenue and other operating income decreased by 0.3%, impacted by mixed market conditions. The MOW division achieved quarterly revenue growth of 10.9%, driven by strong performance in Commercial Marine, Defence & Security, and Wind Energy verticals. This growth offset a 5.7% decline in Professional Building Solutions (PBS) revenues, due to continued softness in the construction of new non-residential buildings in Europe.

Adjusted EBITA for the quarter was NOK 154 million (158), with an adjusted EBITA margin of 14.0% (14.4%). Order intake amounted to NOK 1,132 million (1,178), down 3.9% year-on-year. This decline was due to strong comparables in MOW from the same quarter last year and the continued market headwinds in PBS.

Operating profitability was negatively impacted by targeted investments to improve operational performance and commercial execution. Key initiatives this quarter included streamlining the Group’s manufacturing footprint by consolidating production from factories in the UK and Germany to Poland. The Group continued investing in its Commercial Excellence programme to strengthen customer engagement and commercial execution.

Astrid Simonen Joos, Group CEO of Glamox, commented, “Our second-quarter performance demonstrates the resilience of Glamox's business model amid continued market volatility. Supported by our diversified and complementary product portfolio across both MOW and PBS, we maintained stable Group revenues despite challenging macroeconomic conditions."

“We delivered strong growth in our MOW division, with revenues increasing by 10.9%, driven by continued momentum in key verticals including Wind Energy and Commercial Marine. While PBS revenues were impacted by ongoing softness in new-build construction, it was encouraging to see a solid performance in education and healthcare verticals and robust demand for renovation and retrofit projects. We are also seeing attractive growth opportunities in Data Centres, Defence & Security, and connected lighting solutions across both divisions."

“Looking ahead, our robust performance so far this year provides us with a strong platform for continued progress. The investments we have made this quarter to streamline our operations and strengthen our commercial execution will enhance customer engagement, sharpen market focus, and improve sales effectiveness. Through disciplined execution of our Green Light Plan, we remain well positioned to capture growth opportunities, navigate market uncertainty and build momentum in the second half of the year.”

Please find attached the full GLX Holding AS interim report for the second quarter of 2026.

Notes to Editors For further information, please contact:

Nina Hol

Chief Communications & Corporate Affairs Officer

Email: nina.hol@glamox.com

Tel: +47 930 82 630

Geir Haukedal

Chief Financial Officer

Email: Geir.Haukedal@glamox.com

Tel: +47 220 21 081

About Glamox AS

Glamox AS is a leading lighting company that provides quality energy-efficient lighting for professional buildings in Europe and the world’s marine, offshore, and wind markets. Its mission is to provide sustainable lighting solutions that improve the performance and well-being of people. Glamox is committed to becoming a net zero company by 2045, with science based targets covering emissions across its entire value chain.

Headquartered in Oslo, Norway, Glamox AS is privately owned by Triton and Fondsavanse and is a subsidiary of GLX Holding AS. Glamox AS employs around 2,000 professionals with sales and production in Europe, Asia, and North America. In 2025, its annual revenues were NOK 4,447 million. It owns a range of quality lighting brands, including Glamox, Aqua Signal, ES-SYSTEM, Küttel, LINKSrechts, LiteIP, Luminell, Luxo, Luxonic, MARL, Norselight, and Wasco. For more information, please see 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 makes 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.