Belysse Group (BELYS) H1 2025 earnings summary

Executive summary

• H1 2025 consolidated revenue was €134.6m, down 7% year-over-year, with Europe declining 14.7% and the US stable.

• Adjusted EBITDA fell 19.6% to €17.3m, with margin dropping to 12.8% from 14.8%.

• US division maintained stable revenue and improved profitability, while Europe faced volume declines and market softness, especially in residential.

• Net loss for H1 2025 was €0.08m, compared to a profit of €10.5m in H1 2024.

• Leadership change in the US division with a new Interim President appointed in August 2025.

Financial highlights

• Q2 2025 revenue was €67.4m, down 9.5% year-over-year, with US down 4.4% and Europe down 16.3%.

• US H1 2025 revenue: €75.9m (flat), Europe: €58.7m (down 14.7%).

• Adjusted EBITDA: €17.3m (down from €21.5m), US: €15.6m (+8.2%), Europe: €1.7m (-76%).

• Net loss: €0.08m vs. profit of €10.5m year-over-year.

• Net debt at period end: €126.8m (including IFRS 16), leverage at 3.5x (up from 3.1x at end-2024).

Outlook and guidance

• Management expects lingering but diminishing effects from the phase-out of low-margin European product lines in H2 2025, with no major impact anticipated for 2026.

• Market softness in Europe, especially in residential, is expected to persist; US business expected to maintain stable volumes and profitability.

• No specific margin or volume guidance provided, but management believes market softness is cyclical, not structural.

• Q3 2025 trading update scheduled for October 2025.