Belysse Group (BELYS) H2 2024 earnings summary

Executive summary

• FY 2024 consolidated revenue was €280.4m, down 6.8% year-over-year, with US revenue down 3.9% and Europe down 10.2%.

• Adjusted EBITDA rose 26% to €42.4m, with margin improving to 15.1% from 11.2% in 2023.

• Net leverage reduced to 3.1x from 4.5x at end-2023; net debt at year-end was €135.0m.

• Sustainability initiatives led to a 23% reduction in CO2 emissions per m² since 2018 and increased recycled content in products.

• Net profit reached €10.6m, reversing a €11.1m loss in 2023; EPS was €0.29 versus a €0.31 loss per share last year.

Financial highlights

• US division revenue was €154.5m (down 3.9% YoY); Europe revenue was €125.9m (down 10.2% YoY), with US stabilizing in H2 and Europe impacted by weak residential market.

• US Adjusted EBITDA was €32.0m (4.6% YoY growth, margin 20.7%); Europe Adjusted EBITDA improved to €10.4m (margin 8.3%, up 241.6% YoY).

• Cash at year-end was €38.6m, with positive cash flow of €2.8m driven by EBITDA and working capital improvements.

• Net financing costs fell to €10.1m from €18.4m, aided by refinancing and note settlement.

• Total available liquidity, including RCF headroom, was €52.7m at year-end.

Outlook and guidance

• U.S. and European markets remain stable with no major surprises; interest rate cuts have yet to impact demand.

• Management remains focused on commercial excellence, efficiency, and cost control while awaiting market recovery.

• CapEx for 2025 expected to be in line with previous years, with sufficient installed capacity for growth.

• Margin ambition in Europe focuses on premiumization and higher-value products, with a long-term goal to emulate the U.S. ultra-premium positioning.

• Next scheduled event is the Q1 2025 trading update in April 2025.