D'Ieteren Group (DIE) H1 2026 earnings summary

Executive summary

• Adjusted profit before tax, Group's share, grew 6.6% YoY (8.4% at constant FX) to €482.4m, driven by strong performances at Belron, PHE, and TVH, while D'Ieteren Automotive faced significant headwinds.

• Consolidated sales, Group's share, were €6,086.0m (-0.4% YoY, +0.7% at constant FX), with all businesses except D'Ieteren Automotive showing top-line growth.

• Net result attributable to equity holders was €256.9m, up from €243.8m in H1-2025.

• Strategic review underway for Belron minority stakes, including a potential listing; CEO and CFO transitions announced at group and segment levels.

Financial highlights

• Adjusted profit before tax, Group's share, rose 6.6% YoY to €482.4m; at constant FX, growth was 8.4%.

• Trading cash flow, Group's share, increased 12.0% YoY to €539.0m; free cash flow, Group's share, was -€4.1m, impacted by PHE acquisitions.

• Adjusted operating result, Group's share, was €663.0m (+2.2% at constant FX).

• Net financial debt at Corporate & Unallocated was €299.8m as of June 30, 2026.

• Basic EPS was €4.83; diluted EPS was €4.80.

Outlook and guidance

• Full-year 2026 guidance for low- to mid-single-digit YoY growth in adjusted profit before tax, Group's share, is maintained, assuming stable FX and excluding recent Spanish acquisitions.

• D'Ieteren Automotive trends are expected to remain weak in H2-2026, partially offset by other businesses.

• 2028 medium-term ambitions remain unchanged and on track.