D'Ieteren Group (DIE) H1 2025 earnings summary

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.