Belysse Soft Europe and strong US in 1Q, adjusted EBITDA up
1Q26 revenue declined by 3% organically and came in 5.6% below our expectations, with the US remarkably strong and Europe still very weak. 1Q adjusted EBITDA was up y/y which is positive. Belysse does not give a precise FY26 guidance and we have left our FY26 adjusted EBITDA forecasts unchanged for now, while incorporating a slightly lower top line forecast. Valuation continues to look attractive and prompts us to reiterate our Accumulate rating and € 1.5 target price.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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