Belysse reported FY 2025 revenue of EUR 254.22 million, down 9% year over year, reflecting weaker market demand in Europe while the US business was more resilient. FY 2025 adjusted EBITDA was EUR 34.4 million, down 19%, and the adjusted EBITDA margin fell 2 percentage points to 13.5% due to lower volumes and a weaker USD. Net debt at year-end 2025 was EUR 128.6 million, down 5%, while net leverage increased to 4.2x from 3.1x. The company posted a FY 2025 loss of EUR 6.62 million, compared with earnings per share of EUR 0.18. CEO James Neuling said soft conditions persisted in 2025, particularly in the European residential business, while commercial lines in both the US and Europe were more resilient and the European unit is preparing a major ERP upgrade in 2026.

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