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Belysse Group (BELYS) investor relations material
Belysse Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 consolidated revenue declined 8.5% year-over-year to €123.3m, with a 4.0% negative FX impact and organic decline of 4.5%.
US division saw organic revenue growth of 7.9% (0.9% reported), while Europe revenue fell 20.5% due to market softness and ERP migration issues.
Adjusted EBITDA for H1 2026 was €16.8m, down 2.3% year-over-year, but margin improved to 13.7% from 12.8% in H1 2025, driven by US performance and cost management.
Net loss for H1 2026 was €6.0m, compared to a near break-even result in H1 2025.
Group performance was impacted by soft demand and ERP migration issues in Europe, partially offset by US growth.
Financial highlights
Q2 2026 consolidated revenue was €62.0m, down 8.0% year-over-year, with a 2.0% negative FX impact.
Adjusted EBITDA margin improved to 13.7% in H1 2026, supported by US growth and groupwide cost management.
Net debt at end of H1 2026 stood at €147.6m, including €22.0m IFRS 16 lease liabilities, up €19.0m from year-end 2025.
Total available liquidity, including RCF headroom, was €37.7m at end of H1 2026.
Net finance expenses increased to €10.0m, mainly due to unrealized FX losses.
Outlook and guidance
ERP migration challenges in Europe have stabilized; US demand remains strong, especially in corporate, education, and government segments.
Price increases and cost management are expected to support margins amid ongoing inflationary pressures.
Next trading update scheduled for October 2026.
- Q1 2026 revenue declined 8.9% year-over-year, but adjusted EBITDA improved on US strength.BELYS
Q1 2026 TU - Revenue and EBITDA declined, leverage rose, but sustainability targets were exceeded.BELYS
H2 2025 - Q3 2025 revenue dropped 10.9% YoY to €60.6m, with lower EBITDA and ongoing market headwinds.BELYS
Q3 2025 TU - Revenue and EBITDA declined, Europe lagged, US stable, and Lean savings target surpassed.BELYS
H1 2025 - Q1 revenue fell 8.3% YoY, but adjusted EBITDA and leverage improved significantly.BELYS
Q1 2024 TU - Adjusted EBITDA up 75% despite 7% revenue drop; leverage and liquidity improved.BELYS
H1 2024 - Q3 2024 revenue declined 7.6% year-over-year, led by weakness in Europe.BELYS
Q3 2024 TU - Adjusted EBITDA up 26% and leverage down to 3.1x despite revenue decline.BELYS
H2 2024
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