D'Ieteren Group (DIE) CMD 2025 summary

Strategic Achievements and Portfolio Evolution

• Surpassed previous financial guidance, doubling profit before tax group share from €486M in 2021 to over €1.1B in 2024, with a balanced portfolio split between Belron and other businesses.

• Achieved €1.071B adjusted operating profit group share in 2024, with cumulative free cash flow close to €2B by 2025.

• Delivered 51% total shareholder return over three years, with €4.5B in dividends and €109M in share buybacks.

• Multiple growth platforms established, with strong CAGRs in top and bottom lines across Belron, D'Ieteren Automotive, TVH, and PHE.

• 2024 shareholder reorganization reinforced family anchoring, securing long-term strategy continuity and strong governance.

Business Unit Performance and Future Plans

• D'Ieteren Automotive maintained market leadership in Belgium, expanded mobility services, and targets 60% BEV sales by 2030, focusing on customer experience and electrification.

• Belron delivered 11.6% CAGR in revenue (2021-2024), with EBITDA margin rising to 27%, and targets mid-to-high single-digit sales growth and >25% margin by 2028.

• Moleskine aims for mid-single-digit sales CAGR and 15% adjusted EBIT margin by 2028, leveraging brand strength, premiumization, and digital integration.

• TVH continues global expansion in off-road aftermarket parts, focusing on customer proximity, operational excellence, and targeted M&A.

• PHE and TVH focus on bolt-on M&A for growth, with PHE showing 12% growth over three years and 9.3% margin in 2024.

Financial Guidance and Capital Allocation

• 2025 guidance confirmed, excluding tariffs and disruptions, with PBT group share expected to decline due to increased leverage from shareholder reorganization.

• Group targets mid-single-digit CAGR for adjusted EBIT and PBT group share from 2024 to 2028, with cumulative trading cash flow above €5B by 2028.

• Capital allocation prioritizes deleveraging, stable or growing dividends, selective M&A, and maintaining asset-light, cash-generative businesses.

• Businesses are financially ring-fenced, with Belron focused on deleveraging to investment-grade territory before resuming higher dividends.

• Task forces established to address potential US tariffs, especially for Belron, TVH, and Moleskine, to sustain market leadership and profitability.