D'Ieteren Group (DIE) Q1 2026 TU earnings summary

Executive summary

• Group sales increased by 0.2% year-over-year to €2,924.0m, with robust growth in most businesses offset by adverse FX and a softer automotive market.

• Belron, PHE, and TVH delivered strong organic growth, while D'leteren Automotive faced volume and pricing pressures.

Financial highlights

• Belron's total sales rose 8.0% YoY at constant FX, reported growth at 2.0% to €1,614.1m, with 6.9% organic growth.

• D'leteren Automotive sales declined 6.6% YoY to €1,114.7m due to lower volumes and average selling prices.

• PHE sales grew 9.2% YoY to €798.1m, driven by 6.3% organic growth and 3.0% from acquisitions.

• TVH reported sales of €440.7m, up 1.5% YoY, with 4.3% organic growth.

• Moleskine sales declined 4.8% YoY to €23.0m, despite 1.1% organic growth, due to adverse FX.

Outlook and guidance

• Guidance maintained for FY 2026: low- to mid-single-digit percentage growth in adjusted profit before tax, Group's share.

• Outlook assumes stable FX rates and excludes impacts from geopolitical tensions, new US tariffs, or pending PHE acquisitions.