Belysse Group N.V.

Good morning, ladies and gentlemen. Welcome to the conference call of Belize Group and WE, regarding the full year 2025 results. As a reminder, all participants will be in listen-only mode. After the presentation, there will be a question and answer session for analysts covering the Belize share. Today we have with us James Newling, Chief Executive Officer, and Andy Rochis, Chief Financial Officer. Gentlemen, the floor is yours.

Thank you, Lynn. Good morning, everyone, and welcome to Belize Group's NDS full year 2025 results call. If you have not already done so, you can download the press release and this presentation from the investor relations section on Belize.com. I do need to start with bringing your attention to the disclaimer on slide two. I will not read it out, but please do make sure that you have read it. I will first talk about the financial summary of the full year 2025, and then Andy Rochiste, CFO of the Belize Group, will take us through the financial review, and I will then give a quick update on our Beyond program and then also the conclusion. We will end this call with questions and answers sessions with the analysts following our stock. Please turn to slide four for the full year financial summary. From a financial standpoint, We saw in the full year 25 consolidated revenue, a total of 254.2 million Euro, which represents an organic decrease of 7.1% year on year. Revenue of our US business declined by 7.0%, while our European business faced a decline of 12.2% year on year. In profitability, the full year 2025 adjusted EBITDA was 34.4 million, which represents a decrease of 19.0% year on year. A US business realized an EBITDA of 29.9 million euro, while the business in Europe realized an EBITDA of 4.5 million euro. The net debt at the end of the period was 128.6 million, including 19.6 million euro of impact from IFRS 16 lease liabilities, resulting in a leverage of 4.2 at the end of 2025. I will now hand over to Andy, who will go more in depth into the financials.

Thank you, James. And good Friday the 13th to all of you. So first, let's take a closer look at our 2025 financial performance. And we start with the group revenue bridge. So in 2025, we saw a consolidated group revenue of 254.2 million euros. This ME is composed into the US bringing a revenue of 143.7 million euros, which is 7% lower than full year or fiscal year 24. This decline was volume driven, but there was also unfavorable US dollar translation effects. And on the positive side, we have been observing increased average selling prices. In Europe, the revenue is resulted was and decreased year over year by 12.2 percent 210.5 million euros the market softness continued and negatively influenced volumes and revenues in particular in our residential business looking at the full year 25 group adjusted ebda The total was 34.4 million euros, representing an adjusted EBITDA margin of 13.5%. In 2024, we achieved an EBITDA margin of 15.1%. The US EBITDA was 29.9 million euros, and we have improved the EBITDA margin to close to 21%. At the constant exchange rate, the overall adjusted EBITDA is 2.3% lower than prior year. So whilst volumes in the second half of the year were lower than the equivalent comparative figure with a Q4 25 revenue, 8.8% below prior year at constant exchange rate, we have noticed and we have seen the order book picking up at the end of the fourth quarter of 25. With regards to Europe, we achieved an EBITDA, adjusted EBITDA of 4.5 million euros, where the lower volumes were partially mitigated by improved pricing, the high share of the commercial business and reduced fixed expenses. Talking now about the cash flow on slide eight, we ended the year with a cash balance of 34.5 million euros, compared to cash balance of 38.6 million euros at the end of 2024. It's important to highlight that we had two particular effects affecting the year. First of all, we had the exchange effect, so exchange losses on cash and cash equivalents counting for 2.7, as well as we have been investing into an important upgrade and a major upgrade of the ERP system for Europe, which is 5.7 million. Next to that, on the positive side, we had the adjusted EBITDA of 34.4 million, combined with an improved and a decrease in our trading working capital, but improved from cash perspective of 7.1 million euros. We had unfavorable changes in other working capital representing 4.6. We paid 3.1 million of net income taxes and we had regular recurring capex close to 10 million euros. Of course, we had as well important debt repayments and interest payments for a total of 19.6 million euros. Ending with the financial slides on leverage and the net debt. So the net debt at the end of the period was 128.6 million euros. This includes 19.6 million euros related to IFRS 16 lease liabilities. The net leverage increased to 4.2 times where it was 3.1 times at the end of 24. Our total available liquidity remains strong, and this is also including the headroom under the RCF, as we have at the end of 25 still 49.3 million euros available. So both debt and cash movements were also strongly influenced by offsetting US dollar translation effects. I will now hand over the floor back to James for an update on our BEYOND program.