D'Ieteren Group (DIE) H2 2024 earnings summary

Executive summary

• Achieved record 2024 results with adjusted profit before tax, Group's share, up 9.6% to €1,065.0m and free cash flow up 22.2% to €740.6m, driven by strong performances across most segments.

• Extraordinary dividend of €74 per share distributed after family shareholding reorganisation; ordinary dividend rebased to €1.60 per share.

• Net result attributable to equity holders was €372.1m, down from €504.7m in 2023, mainly due to higher adjusting items and financial charges.

• Repaid €250 million of a €500 million bridge loan, with a policy to keep dividends at least stable.

• Guidance for 2025 anticipates a slight increase in adjusted PBT group share on a comparable financing perimeter, but a decline after higher financial charges.

Financial highlights

• Group sales, share basis, rose 3.5% to €12,073.9m; adjusted operating result up 12% to €1,327.9m.

• Adjusted PBT, Group's share, up 9.6% to €1,065.0m; excluding additional financing, up 12.7%.

• Record free cash flow, Group's share, of €740.6m, with D'Ieteren Automotive generating €362.0m (+160% YoY).

• Net financial debt at Group level was €652.8m at year-end, mainly due to extraordinary dividend payments.

• Adjusted EPS was €14.43, while reported EPS was €6.94.

Outlook and guidance

• 2025 guidance: slight increase in adjusted PBT group share on a comparable financing perimeter, but a YoY decline after higher financial charges at Belron and Corporate.

• Belron targets mid-single-digit organic sales growth and a 23% adjusted operating margin.

• D'Ieteren Automotive expects a low- to mid-single-digit sales decline and margin normalization to at least 4%.

• PHE and TVH both anticipate mid-single-digit organic sales growth; Moleskine projects mid-single-digit sales growth and margin improvement.