Belysse Group (BELYS) H2 2025 earnings summary

Executive summary

• FY2025 consolidated revenue was €254.2 million, down 9.3% year-over-year, with organic revenue down 7.1% and FX impact of -2.2%; both US and Europe divisions declined.

• Adjusted EBITDA fell 19.0% to €34.4 million, with margin decreasing to 13.5% from 15.1% in FY2024.

• US revenue declined 7.0% to €143.7 million, mainly due to lower volumes and unfavorable USD translation, partially offset by higher average selling prices; Europe revenue fell 12.2% to €110.5 million, especially in Residential.

• Market softness, particularly in European Residential, impacted volumes and revenues, while US operations showed more resilience.

• Order book showed improvement at the end of Q4 2025.

Financial highlights

• US Adjusted EBITDA was €29.9 million (margin 20.8%), Europe Adjusted EBITDA was €4.5 million (margin 4.1%).

• Net debt at year-end was €128.6 million, including €19.6 million from IFRS 16 lease liabilities; net leverage increased to 4.2x from 3.1x in 2024.

• Cash balance at year-end was €34.5 million; total available liquidity was €49.3 million.

• Net financing costs rose to €12.3 million, mainly due to FX effects and absence of prior year’s one-time gain.

• Trade working capital decreased by €7.1 million; capital expenditures totaled €10.0 million.

Outlook and guidance

• Order book improvement noted at the end of Q4 2025, suggesting potential for recovery.

• Price increases and surcharges planned to offset higher raw material, energy, and transportation costs.

• Major ERP system upgrade planned for Europe in 2026, expected to drive future efficiencies.

• European Residential business remains challenged; Commercial segment more stable.

• No major changes expected in CapEx for 2026.