Balyo (BALYO) H2 2025 earnings summary

Executive summary

• Revenue increased by 8% year-over-year to €31.4 million in 2025, driven by strong US growth (+41%), despite a 5% decline in Q4 sales.

• Gross margin rate remained stable at 31% for 2025.

• Operating income declined to -€12.15 million, reflecting continued strategic investments in R&D and Sales & Marketing.

• Net loss narrowed slightly to -€12.86 million from -€13.30 million in 2024.

• Backlog reached €21.9 million at year-end, with order intake up 16% year-over-year.

Financial highlights

• Sales revenue: €31.4 million (+8% year-over-year).

• Gross margin: €9.6 million (+8%), gross margin rate stable at 31%.

• Operating income: -€12.15 million (down 13% year-over-year).

• Net income: -€12.86 million (improved by 3% year-over-year).

• Cash position at year-end: €1.3 million.

Outlook and guidance

• Management expects break-even and EBITDA margin of 8.6% from 2028 onward.

• Gross margin projected to rise from 31% in 2025 to 38% in 2029, targeting 40% long-term.

• Operating expenses (excluding D&A) expected to grow ~18% annually, below revenue growth.