Belysse Group (BELYS) Q1 2024 TU earnings summary

Executive summary

• Q1 2024 consolidated group revenue was €70.3m, down 8.3% year-over-year, with organic revenue declining 7.8% and FX impact contributing -0.5%.

• US division revenue fell 11.3% (10.2% organic, 1.1% FX), while Europe declined 5.5%.

• Softer activity in Bentley Mills' project-driven business and lower European residential demand impacted results; European commercial business remained stable.

Financial highlights

• Adjusted EBITDA and margin improved materially year-over-year, driven by lower cost of goods sold and reduced fixed expenses in Europe.

• In the US, higher unitary margins and lower fixed expenses offset lower volumes.

• Leverage dropped well below 4x due to higher adjusted EBITDA in both regions.

Segment performance

• European commercial business line achieved stable revenue compared to Q1 2023.

• European residential business experienced lower market demand.

• US project-driven business (Bentley Mills) saw softer activity, contributing to revenue decline.