D'Ieteren: Half-year result increased by 6.6% despite decline in automotive division
In the first half of 2026, D'Ieteren Group posted adjusted pre-tax income (Group share) of €482.4 million, up 6.6% year-on-year. This increase masks contrasting developments: all Group companies grew, with the exception of D'Ieteren Automotive, whose result fell by 66.6%. The Group reaffirms its outlook for 2026, despite an environment described as challenging for its automotive distribution business.
Result of €482.4 million driven by Belron, PHE and TVH
The Group's key performance indicator, adjusted pre-tax income (Group share), reached €482.4 million, compared with €452.4 million in the first half of 2025, representing growth of 6.6% (or 8.4% at constant exchange rates based on rates as of 31 December 2025). The Group notes that this performance was notably supported by a decrease in financial charges. Belron is the main driver: its adjusted pre-tax income (Group share) reached €308.2 million, up 28.6% year-on-year, driven by organic revenue growth of 7.3%. PHE posted a result of €106.8 million (+18.4%), including one month's contribution from the recently acquired 51% interests in two Spanish distributors, with revenue growth of 10.4%, of which 6.0% was organic. TVH advanced 16.9% to €44.2 million, on organic volume growth of 6.6%. Moleskine's adjusted pre-tax income (Group share) improved to -€4.7 million (versus -€7.6 million a year earlier), while that of the Corporate & unallocated segment came in at -€8.5 million (versus -€16.7 million).
D'Ieteren Automotive: result down 66.6%, margin at 2.1%
The D'Ieteren Automotive division is an exception to the growth displayed by other Group companies. Its adjusted pre-tax income (Group share) declined 66.6% to €36.4 million, in an environment that the Group describes as challenging, marked by a contraction in volumes and unfavorable price/mix effects. Revenue declined 10.8% year-on-year. Its adjusted operating margin stood at 2.1%. Profitability was further impacted, according to the Group, by tightening distribution margins and negative operating leverage, notably in retail sales activities. In contrast, Belron's adjusted operating margin reached 23.0%, compared with 21.4% in the first half of 2025, and that of PHE stood at 9.6%, supported by positive operating leverage that more than offset inflation in transport and personnel costs.
2026 outlook confirmed, persistent weakness expected in automotive
D'Ieteren Group maintains its forecast of growth in the low to mid-single digit range for its adjusted pre-tax income (Group share) for fiscal year 2026. The Group notes that trends at D'Ieteren Automotive weakened during the first half and are not expected to improve in the second half, with this impact to be partially offset by other activities. These projections are based on exchange rates in line with those prevailing on 31 December 2025 (i.e., an EUR/USD rate of 1.17) and exclude any additional impact from geopolitical tensions or further increases in US tariffs, as well as the impact of PHE's Spanish acquisitions closed at the end of May 2026. On the cash front, operating cash flow (Group share) increased 12.0% year-on-year to €539.0 million. Net financial debt of the Corporate & unallocated segment stood at €299.8 million at end of June 2026 (€486.6 million excluding intra-group financing).
