Belysse: Revenue Declines 8.5% in H1, EBITDA Margin Improves Thanks to United States
Belysse Group published its first-half 2026 results on September 4, 2026, marked by a divergence between its two geographic regions.
The Belgian textile floor covering group saw its revenue decline, mainly due to Europe, while activity in the United States progressed and supported overall profitability.
Revenue Down 8.5% to €123.3M, Europe Declines 20.5%
For the first half of 2026, the group's consolidated revenue stood at €123.3M, down 8.5% compared to the first half of 2025, of which -4.0% was related to currency effects.
The United States division advanced 0.9% (+7.9% on an organic basis, -7.0% currency effect), while the Europe division declined 20.5%. In the second quarter of 2026, consolidated revenue reached €62.0M, down 8.0% year-on-year, with growth of 1.1% in the United States and a decline of 22.0% in Europe.
According to the group, the decline in Europe is explained by persistently weak market demand and difficulties related to ERP migration, which caused temporary delivery delays and volume losses, now stabilized.
Adjusted EBITDA Margin Improves to 13.7%
Adjusted EBITDA reached €16.8M in the first half of 2026, down 2.3% compared to the first half of 2025.
The adjusted EBITDA margin stood at 13.7%, compared to 12.8% one year earlier over the same half-yearly scope. This improvement is driven by growth and margin increases in the United States, where adjusted EBITDA reached €16.1M (+3.2% year-on-year, +10.6% on an organic basis, -7.4% currency effect).
In Europe, adjusted EBITDA came in at €0.8M, down 53.1% year-on-year, due to the decline in volumes, despite improved unit margins. The group indicates that cost management across the group and targeted price increases supported profitability, in response to cost inflation related to the Middle East conflict.
Net Debt of €147.6M and Leverage Ratio of 4.95x
At the end of the first half of 2026, net debt stood at €147.6M, including €22.0M in IFRS 16 lease liabilities.
The leverage ratio, excluding IFRS 16 impacts but including sale-leaseback transactions, stood at 4.95x at the end of June 2026. Total available liquidity, including the margin under the revolving credit facility (RCF), reached €37.7M at the end of the half-year.
Belysse Group indicated its intention to publish an activity update for the third quarter of 2026 in October 2026.
