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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
D'Ieteren Group
D'Ieteren Group (DIE) investor relations material
D'Ieteren Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary3 Sep, 2025
Executive summary
Adjusted profit before tax, Group's share, was €452.4 million in H1-2025, down 22.7% year-over-year, mainly due to higher financial charges and fewer trading days.
The €500 million bridge loan was fully repaid ahead of schedule in H1-2025, improving the net financial debt position.
Group sales, Group's share, declined by 2.9% to €6,109.4 million, with resilience shown across core businesses despite a challenging environment.
Free cash flow, Group's share, was €9.9 million, down sharply from the prior year due to inventory build-up, acquisition spend, and working capital reversal.
Full-year 2025 guidance is confirmed, with expectations of operational improvement and resilience across segments.
Financial highlights
Adjusted operating result, Group's share, fell 4.9% to €662.7 million.
Trading cash flow, Group's share, was €482.3 million; free cash flow, Group's share, was €9.9 million, both down from H1-2024.
Group sales declined by 2.9% (2.6% FX-adjusted), with automotive down 11.2%, while PHE and Belron grew by 5% and 4%, respectively.
Operating result margin at automotive was 4.5%, with Belron and PHE showing growth in adjusted operating results.
Net financial debt at Corporate & Unallocated dropped from €652.8 million at end-2024 to €295.7 million at June 2025.
Outlook and guidance
Full-year 2025 guidance is reaffirmed, with expectations of stronger H2 performance at Belron due to volume recovery, cost containment, and fewer transformation costs.
TVH's outlook is revised to low single-digit top-line growth and further margin decline, but group guidance remains unchanged as other segments are expected to compensate.
Group expects continued operational improvement in most businesses, with adjusted profit before tax, Group's share, to slightly increase YoY, assuming stable financing perimeters.
Full-year financial charges at Belron estimated at -€140 million, and at Corporate & Unallocated at -€40 million.
TVH: Drivers of revised outlook and margin decline?
Belron: H2 margin drivers for 23% target?
Entity leverage comfort & future dividend flows?
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Next D'Ieteren Group earnings date
H2 20259 Mar, 2026
D'Ieteren Group
Next D'Ieteren Group earnings date
H2 20259 Mar, 2026
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Frequently asked questions
D'Ieteren Group SA, based in Belgium, is a multifaceted company primarily engaged in the distribution of automobiles and vehicle glass repair and replacement services. Founded in 1805, the company has a rich history, starting as a coachbuilder before evolving into a key player in the automotive sector. D'Ieteren Auto distributes wide range of vehicle brands, including Volkswagen, Audi, Škoda, Seat, Cupra, Porsche, Bentley, Lamborghini, and Bugatti across Belgium. The group also owns a significant stake in Belron, a global leader in vehicle glass repair and replacement, operating under various brand names such as Carglass, Autoglass, and Safelite. Additionally, D'Ieteren has expanded its portfolio by acquiring Moleskine in 2016. The company is headquartered in Brussels, Belgium, and its shares are listed on Euronext Brussels.
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