Belysse: revenue up 6.3% in third quarter, United States offsets decline in Europe
Belysse published on October 23, 2026 consolidated revenue of €64.4 million for the third quarter, up 6.3% year-on-year. This growth is based on opposite trajectories: the United States division grew by 19.6%, while the Europe division declined by 13.9%.
The textile floor coverings manufacturer, based in Waregem, also indicates that its adjusted EBITDA exceeded the level of the third quarter of 2025. According to the group, the increase in volumes across the Atlantic and the improvement in unit margins on both sides of the Atlantic more than offset weak demand in Europe.
Revenue up 6.3%, including 4.9% on an organic basis
For the quarter, organic growth (excluding currency and scope effects, according to the group's definition) stood at 4.9%. The currency effect added 1.3 percentage points to the group's reported growth.
The American division, which markets the Bentley brand, recorded a revenue increase of 19.6%, of which 17.4% was organic and 2.2 percentage points related to currencies. Belysse attributes this performance to a significant increase in volumes, supported according to the company by a substantial order backlog.
In Europe, where the group operates under the Modulyss and ITC brands, revenue declined by 13.9%. The company explains this further decline by the persistent weakness in the European flexible floor coverings market.
American volumes and price increases support adjusted EBITDA
The group does not quantify its quarterly adjusted EBITDA, but states that it exceeded the level of the third quarter of 2025. Two mechanisms are cited: the increase in volumes in the United States and the improvement in unit margins in Europe as well as in the United States. Belysse specifies that it continued pricing actions to mitigate inflation in raw material costs, energy and transportation.
These elements are in line with the half-yearly publication of September 4, 2026. The group cited among its opportunities the growth of the American market, driven by demand from the business, education and public sector segments, as well as an improvement in margins in the United States thanks to price increases and cost management across the group.
The same publication mentioned, among the risks, persistently weak demand in Europe with volume losses, as well as a conversion risk related to dollar weakness. In the third quarter, the currency effect was positive, amounting to 1.3 percentage points for the group and 2.2 percentage points for the American division.
Europe still declining, annual results expected in early March 2027
In September, Belysse also mentioned an expected stabilization of its ERP system migration and volumes in Europe. The ERP launch difficulties, which had weighed on deliveries, were then presented as stabilized. In the third quarter, European revenue declined again by 13.9%, which the group attributes to market weakness.
By way of scale, Belysse achieved revenue of €254.2 million for the 2025 fiscal year. The group, which employs nearly 1,000 people and operates three production sites in Tielt, Zele and Los Angeles, plans to publish its 2026 annual results in early March 2027.
The most structuring element of this activity update remains the gap between the two divisions: a 19.6% increase in revenue in the United States compared to a 13.9% decline in Europe, for consolidated growth of 6.3%.
