D’Ieteren Group said adjusted profit before tax on a group-share basis increased 8.4% at constant exchange rates to EUR 482 million in the first half of 2026, up from EUR 452 million a year earlier. Sales were broadly flat at EUR 6.1 billion, a 0.7% rise on a constant‑FX basis. Trading cash flow rose 12% to EUR 539 million, while free cash flow was roughly breakeven after EUR 150 million of acquisitions in the Parts Holding Europe (PHE) segment offset Belron’s cash generation.
The group’s net financial debt stood at EUR 300 million at the end of June, or EUR 486.6 million excluding inter‑segment loans, after a EUR 76 million waiver on the shareholder loan to Moleskine. The company’s shares were last quoted at $173.3, down 0.46%.
Belron, the glass‑repair and replacement business, delivered the strongest results. Sales grew 8.3% at constant FX, driven by a 3.9% rise in job volumes and higher price mix. Adjusted operating profit reached EUR 820 million, a 16.5% constant‑FX increase, and the adjusted operating margin improved to 23%, up 160 basis points year‑on‑year. The segment posted EUR 306 million of adjusted profit before tax on a group‑share basis and generated EUR 485 million of free cash flow, an 89% rise. Interim dividends of EUR 194 million were paid, and senior secured net leverage fell to 4.3x.
D’Ieteren Automotive, the group’s Belgian car‑dealership arm, recorded a 10.8% sales decline and a sharp fall in profitability. Adjusted operating profit dropped to EUR 47 million and the adjusted operating margin slipped to 2.1%. Adjusted profit before tax on a group‑share basis fell 67% to EUR 36 million, after a EUR 47.2 million goodwill impairment. The unit posted negative free cash flow of EUR 34 million and its net financial debt rose to EUR 409 million.
PHE, the parts‑distribution business, posted 10.4% total sales growth, including 6% organic growth and 4.4% from acquisitions such as a 51% stake in two Spanish AD Parts distributors. Adjusted operating profit rose 16.6% to EUR 155 million, with an operating margin of 9.6%. Adjusted profit before tax on a group‑share basis increased 18.4% to EUR 107 million. Trading cash flow fell to EUR 45 million, leaving leverage at 3.5x.
TVH, the industrial parts distributor, saw sales increase 7.7% at constant FX, supported by 6.6% organic growth and modest bolt‑on acquisitions. Adjusted operating profit grew 3.7% and the operating margin held at 13.7%. Adjusted profit before tax on a group‑share basis rose 16.9% to EUR 44 million. Trading cash flow was EUR 42 million, while free cash flow was a EUR 8 million outflow; leverage remained around 3.2x.
Moleskine posted 6.2% organic sales growth and a modest adjusted operating result of EUR 0.7 million. Adjusted profit before tax on a group‑share basis improved to a loss of EUR 4.7 million from EUR 7.6 million a year earlier, helped by the EUR 76 million shareholder‑loan waiver. Net debt after the waiver was EUR 204 million.
CEO Francis Deprez said the group delivered a robust first half and reaffirmed its full‑year outlook of low to mid‑single‑digit growth in adjusted profit before tax at constant exchange rates. He added that the long‑term commitment to Belron remains unchanged and that no decision has been taken on potential minority‑shareholder options for the business.
The company confirmed its guidance for 2026, expecting adjusted profit before tax to grow by low to mid‑single digits on a constant‑FX basis.
