D'Ieteren Group

Latest Results (30.08.2026):

D'Ieteren Group — full‑year 2025 (FY-2025) results show a solid operational performance with adjusted profit before tax, Group’s share (adjusted PBT, gs) of €955.6m. On a constant-FX basis and excluding additional financing charges raised end‑2024, underlying adjusted PBT rose ~3.8% YoY. Performance was driven by a strong Belron H2 and resilient cash generation, while some divisions faced margin pressure and higher financing costs weighed on Group net results.

Group headline

Adjusted PBT, gs: €955.6m in FY-2025; underlying growth +3.8% YoY at constant FX excluding additional financing charges. Free cash flow (Group’s share) was €373.9m. Net effect of extra financing increased interest charges and reduced Corporate results.

Belron

Record year on many metrics. At constant FX (Dec 31, 2024) sales +7.1% and adjusted operating profit +15.7%, yielding a 23.0% margin. At reported FX sales +4.1% and adjusted operating profit +12.2%. Adjusted PBT, gs €518.0m (broadly flat YoY, -0.3%) after higher financing costs from additional late‑2024 leverage.

D’Ieteren Automotive

Sales down -5.5% YoY reflecting a Belgian net new car market decline of -7.8%; mix remained attractive (strong BEV performance). Adjusted operating margin 4.7%. Adjusted PBT, gs €215.3m, down -9.9% YoY, partly offset by improved Volkswagen D’Ieteren Finance performance.

PHE

Sales +6.3% YoY (3.9% organic); adjusted operating margin broadly stable at 9.1%. Adjusted PBT, gs €181.6m (+9.7% YoY), driven by market share gains and contributions from acquisitions.

TVH

Sales +1.1% at constant FX (Dec 31, 2024). Adjusted operating result fell -14.9% YoY due to flat organic sales, negative mix, higher freight costs and increased non‑cash costs from prior investments. Adjusted PBT, gs €71.9m, down vs. 2024.

Moleskine

Organic sales -2.2% (reported -3.7% including FX); wholesale channel weakness, heavier marketing and negative operating leverage. Adjusted operating result €7.7m; adjusted PBT, gs -€8.0m after interest (notably on a shareholder loan).

Corporate & balance sheet

Corporate & Unallocated adjusted PBT, gs -€23.2m vs €46.6m in 2024, largely reflecting interest on the loan drawn mid‑Dec 2024. Corporate net debt at 31-Dec-2025: €286.8m (€542.2m excluding inter‑segment loan).

Dividend & cashflow

The Board proposes a gross ordinary dividend of €2.00 per share for FY-2025 (vs €1.60 in 2024). Free cash flow (Group’s share) remained strong at €373.9m despite higher cash interest from additional leverage.

Outlook 2026

D'Ieteren Group expects adjusted PBT, gs to increase by a low‑ to mid‑single‑digit percentage in 2026 (FX assumed at Dec 31, 2025 rates; excludes geopolitical/tariff shocks and not‑yet‑closed PHE deals). Division guidance: Belron — mid‑ to high‑single‑digit sales growth and margin progress; D’Ieteren Automotive — negative top‑line and material margin decline from 2025’s exceptional level; PHE — mid‑single‑digit organic growth and stable margin with M&A contributions; TVH — low‑ to mid‑single‑digit organic growth but declining adjusted operating result; Moleskine — low‑ to mid‑single‑digit sales growth and improved adjusted operating result.