Belysse Group (BELYS) Q2 2026 earnings summary

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.