FY 2025 Results and Q4 2025 Trading Update

BELYSSE

PRESS RELEASE

Waregem, 13 March 2026, 7:00 am GET

Regulated information For immediate publication

Belysse Group nv FY 2025 Results and @4 2025

Trading Update

Highlights

• FY 2025 consolidated Group Revenue was '€254.2m (-9.3% YoY: -7.1% organic, -2.2% FX)

  • Revenue growth by division: United States (US) -7.0% (-2.9% organic, -4.1% FX), Europe -12.2%

• FY 2025 Adjusted EBITDA was €34.4m (-19.0% YoY) and Adjusted EBITDA margin was 13.5% (15.1% in FY 2024)

  • US Adjusted EBITDA: '€29.9m (-6.7% YoY, of which -4.3% FX)

  • Europe Adjusted EBITDA: '€4.5m (-56.8% YoY)

• Net Debt at the end of 2025 was '€128.6m (including '€l9.6m of IFRS l6 lease liabilities), '€6.5m lower than the 31 December 2024 figure.

• Net leverage' increased to 4.2x at the end of 2025 from 3.lx reported at the end of 2024.

• Total available liquidity (including headroom under the RCF) was '€49.3m at the end of 04 2025 (versus €52.7m at the end of 2024).

• Debt and cash movements were strongly influenced by offsetting USD translation effects.

Business Update

Consolidated Group Revenue for FY 2025 compared to the prior year period reflects a continued weakening of market demand in the European business. The US project driven business, Bentley Mills, continued to show better resilience.

Consolidated Group Adjusted EBITDA for FY 2025 was impacted by lower volumes as well as a weaker USD.

In the US, the decline in FY 2025 Revenues was volume driven and due to unfavourable USD translation, which was partially offset by increased average selling prices.

Full Year 2025 Adjusted EBITDA decreased versus prior year with slightly increased Adjusted EBITDA margin. Whilst volumes in the second half of the year were lower than the equivalent comparative figure, with Q4 2025 Revenue 8.8% below prior year at constant exchange rate, the order book showed signs of improvement at the end of 04 2025.

In Europe, the market softness continued and negatively influenced volumes and revenues, in particular in the Residential business.

Full year 2025 Adjusted EBITDA decreased as a result of the lower volumes which were partially mitigated by improved pricing, higher share of the Commercial business and reduced fixed expenses.

Middle East Events

Our trading with customers in the Middle East accounts for less than 2% and so far we have not experienced disruptions to this business.

In response to associated cost increases such as raw materials, energy and transportation, we will be implementing appropriate price increases and surcharges.

‌ Excluding IFRS l6 impacts, but including sale and leaseback

BELYSSE"

James Neuling, CEO of Belysse Group, commented:

"Continued solt market conditions were observed in 2025, in particular in our European Residential business line, while trading within the Commercial business lines in both US and Europe was more resilient. The reported financials of Bentley Mills were also affected by unfavourable USD translation effects.

I want to thank the team who continue to work harD on commercial excellence, efficiency anD costs while we are waiting for the markets to recover.

In addition, the European business has been preparing a major upgrade of its ERP system in 202b.

We keep progressing well in our sustainability program, achieving further reductions in CO› emissions per m' proDuceD of 0.9 kg, a 23% Decrease versus the 2018 baseline, increasing the share of certified recycled content from 33,4% in 2024 to 3b.4% in 2025 and successfully re-certifying collections to the latest Cradle-to-Cradle standards. We are proud to be the first flooring company to achieve Cradle to Cradle CertifieD% Full Scope GoID for our certified carpet tile collections according to version 4.0."

Full Year 2025 Revenue and Adjusted EBITDA per Division

FY 2025

FY 2024

g6 Change

ofvv organic

o/w

FX

Lum:u

Consolidated Revenue Lum:w

Consolidated Adjusted EBITDA

Lumps

Consolidated Adjusted EBITDA Margin

Q4 2025 Revenue per Division

Other Financial Items Review

254.2 280.4 'OU

34.4 42.4

13.S9b IS.19b

{9.3)9't›

(l9.O)9b

(70) b (2.2)9b

Q17)96 (3.3} 8

Non-Recurring Items below Adjusted EBITDA

The net impact of non-recurring items on 2025 net result was a negative €5.9m (€0.16 per share) vs. a positive

€0.lm (€0.00 per share) in 2024. The expense in 2025 is mainly related to the implementation of our new ERP system and the recognition for soil remediation and purification in Europe.

Net Financing Costs

The net financing cost of '€12.3m ('€10.1 m in 2024) primarily represent the interest expenses on external borrowings. This increase is strongly influenced by the USD translation effects in 2025 and the one-time positive impact of the settlement of the Senior Secured Note that matured in 2024.

The Group reported a tax expense for 2025 of €3.5m ('€2.3m in 2024) based on an overall loss before tax of €3.lm (profit before tax of '€12.9m in 2024). This amount mainly results from the taxing of the profits at our US division and the non-recognition of deferred tax assets on the losses in Europe.

Loss per share of €0.18 in 2025 compared to earnings per share of €0.29 in 2024.

Given our focus remains on deleveraging and further investing into the business, the Board does not propose a dividend for the year.

Glossary: Alternative Performance Measures

The following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly-titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance, or our liquidity under IFRS.

Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) the impact of the purchase price allocation mainly on change in inventories, (ii) gains on asset disposals, (i"ii) integration and restructuring expenses, (iv) depreciation / amortization, (v) impairment and write-offs and (vi) environmental provisions that relate to historical pollution.

Adjusted EBITDA margin is defined as the Adjusted EBITDA as a percentage of revenue.

Net Debt is defined consistent versus previous reporting as (i) Term Loan, (ii) Notes maturing in 2030, (i"ii) Bank and other borrowings (and where noted IFRS l6 liabilities) less (iv) cash and cash equivalents.

Leverage is defined as the ratio of Net Debt to Adjusted EBITDA (both excluding IFRS l6 impacts as per previous reporting, except for sale and leaseback transactions).

Reconciliation of Alternative Performance Measures

Net Debt and

*'* Leverage excludes IFRS l6 impacts, but includes sale and leaseback transactions

Financial Statements

Statutory Auditor's Note on the Financial Information for the Year Ended 31 December

2025

The statutory auditor, PwC Bedrijfsrevisoren BV,/PwC Reviseurs D'Entreprises SRL, represented by Wouter Coppens, acting on behalf of Wouter Coppens B'v', has confirmed that the auDit, which is substantially complete, has not to date revealed any material misstatement in the Draft consolidated accounts, and that the accounting data reported in this press release is consistent, in all material respects, with the Draft consolidated accounts from which it has been derived.

The consolidated sustainability data reported in the press release has not been reviewed by the statutory auditor.

Consolidated Statement of Comprehensive Income