D'Ieteren Group (DIE) H2 2025 earnings summary

Executive summary

• Adjusted profit before tax (PBT), Group's share, grew 3.8% year-on-year at constant FX to €955.6m, with strong free cash flow of €374m and a proposed dividend of €2.00 per share.

• Organizational changes included the departure of the Chief Investment Officer, promotion of investment directors, and the merger of the Executive Committee and Investment Directors into an Operating Committee.

• Continued deleveraging at both Corporate and Belron levels, with net financial debt at Corporate & Unallocated reduced to €286.8m.

• Net result attributable to equity holders was €424.5m (+14.1% YoY); adjusted net profit, Group's share was €698.4m.

Financial highlights

• Sales, Group's share, reached €12,082.1m (+0.1% YoY, +1.0% at constant FX); adjusted PBT, Group's share, declined 10.3% to €955.6m due to higher financial charges and FX headwinds, but underlying growth was 3.8% at constant FX.

• Adjusted operating result, Group's share, was €740.6m (+3.0% YoY); free cash flow, Group's share, was €374m, down from 2024's exceptional level.

• Net financial position at the corporate segment improved from €908m to €542m, aided by extraordinary dividends and loan reimbursement.

• Earnings per share increased to €7.94 (basic) and €7.87 (diluted).

Outlook and guidance

• For 2026, adjusted PBT, Group's share, is expected to grow by a low- to mid-single-digit percentage YoY at constant FX.

• Belron anticipates mid- to high-single-digit sales growth and margin improvement toward a >25% EBIT margin by 2028.

• D'Ieteren Automotive expects a negative top-line and a material margin decline in 2026.

• PHE targets mid-single-digit organic sales growth and stable margins, with continued M&A contributions.

• TVH expects low- to mid-single-digit organic top-line growth but declining margins.

• Moleskine aims for low- to mid-single-digit sales growth and improved operating results in 2026.