Bentley Owner Belysse Reports Q3 Revenue Down 19.2%, EBITDA Up 1.1%

Waregem, Belgium, October 26, 2023-Belysse-owner of Bentley, Modulyss, ITC and Arc Edition-reported Q3 consolidated group revenue of €73.6 million, down 19.2% year over year. 

Q3 adjusted EBITDA was €11 million, up 1.1% year over year, and U.S. EBITDA was €9.9 million. 

The company reports, “In U.S., volumes and revenues were below a very strong third quarter of 2022 where higher volumes were shipped as the installation of new production capacity enabled a catch-up on the backlog of open orders. Revenues stayed at a similar level as previous quarter and remain above pre-Covid levels. In response to lower volumes, costs have been brought down to maintain profitability. U.S. further improved its EBITDA margins to 23.3% in the quarter, up from previous quarter and last year (20.5% per Q2 2023 and 19.9% in 2022 respectively). In USD terms Q3 EBITDA has outperformed last year’s results by +4% despite lower volumes.”