KBC Securities - Balta Group (BALTA) Belysse 1Q25 revenue -4.3%, reflecting weaker performance in Europe

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KBC Securities

Wim Hoste

Belysse 1Q25 revenue -4.3%, reflecting weaker performance in Europe

1Q revenue dropped by 4.3%, reflecting weaker demand in Europe against a tough comparable. 1Q adjusted EBITDA declined, due to a lower performance in Europe despite growth in the US. After the weaker than expected 1Q performance, we have lowered our FY25/26 adjusted EBITDA forecasts by c. 5%. Valuation continues to look attractive and prompts us to reiterate our Accumulate rating and € 1.6 target price.

25/04/2025 1 EN

Underlying

Balta Group

Balta Group NV is a Belgium-based company engaged in the home furnishings industry. The Company is a producer of textile floor coverings in Europe. Its products portfolio encompasses: woven and tufted area rugs (balta home), wall-to-wall carpets and residential carpet tiles (balta carpets and ITC), wall-to-wall contract carpet and commercial carpet tiles (arc edition, modulyss and Bentley), and needle felt and technical non-wovens (Captiqs). It has several production sites worldwide in the domestic market, Turkey and the United States. In addition, Balta Group NV delivers customer-focused approach to its business and is engaged in the solar panel projects in the Benelux region in order to supply renewable energy to fuel its production facilities.

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BE0974314461 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wim Hoste

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Belysse 1Q25 revenue -4.3%, reflecting weaker performance in Europe

We are a financial services provider for several types of professional clients, each with distinct needs.

Belysse FY24 adjusted EBITDA +26%, leverage coming down

Belysse Weak top line in 3Q but adjusted EBITDA is holding up

Qrf City Retail 1Q25 trading update: casa and two new independent directors

Texaf Q1 FY25: Solid Performance In RE; New Projects Boosting Growth

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