D'Ieteren Group posted adjusted profit before tax of €482.4 million in the first half of 2026, rising 8.4% at constant exchange rates, as the company presented its results on September 9. Trading cash flow reached €539 million, up 12% year-over-year, and the group confirmed a full-year outlook for low to mid-single-digit growth.
Belron was the clear engine. The windshield repair and replacement business delivered an adjusted PBT contribution of €308.2 million, a 32.5% increase at constant rates, accounting for nearly two-thirds of group profit. Sales rose 8.3% to €3.574 billion, while the adjusted operating margin expanded by 160 basis points to 23.0%. North American organic growth came in at 9.4%, and ADAS recalibration penetration climbed to 52.1% from 45.9%. Free cash flow surged 89% to €485 million on an 89% conversion rate from trading cash flow, and senior secured net leverage eased to 4.3x from 4.5x at year-end 2025. D'Ieteren received €102.6 million in distributions from Belron.
The picture was starkly different in D'Ieteren Automotive. Adjusted PBT group share plummeted 66.6%, falling from €109.1 million to €36.4 million, as sales dropped 10.8% to €2.269 billion. Market share in Belgium, where gross new car registrations totalled 231,000 units—down 1.8% year-over-year—fell 153 basis points to 21.5%. Adjusted operating margin compressed to 2.1% from 4.5%, and the unit recognized a €47.2 million goodwill impairment charge in H1. New energy vehicles accounted for 20% of the Belgian fuel mix, with hybrids at 36%; buyers split 47% private and 53% business. Net debt climbed to €409 million from €259.5 million at year-end 2025, yielding a leverage ratio of 1.7x, while free cash flow remained negative at €33.9 million, albeit improved from €47.4 million a year earlier. Distributions to the group totalled €100.4 million. On September 3, D'Ieteren announced plans for an automotive transformation that could affect up to 344 jobs, according to earlier reports.
Parts Holding Europe reported adjusted PBT of €106.8 million, up 18.4%, on sales of €1.61 billion, a 10.4% increase including 6% organic growth. Spanish acquisitions Polaris and Regueira, which closed in May after D'Ieteren took 51% stakes, contributed €32.3 million in sales. Adjusted operating margin improved to 9.6% from 9.1%, and acquisition spending ran approximately €150 million. Lilian Leroux, appointed Group Deputy CEO of PHE in April 2026, oversaw the period.
TVH posted adjusted PBT group share of €44.2 million, up 19.1% at constant rates, on sales of €895 million, a 7.7% rise including 6.6% organic growth, with an adjusted operating margin of 13.7%. Giuliano Parody was welcomed as TVH CEO effective September 1. Distributions to the group totalled €15 million.
Moleskine recorded sales of €52.2 million, reflecting 6.2% organic growth partially offset by a 4.0% negative currency translation impact. Adjusted PBT group share narrowed to a loss of €4.7 million from €7.6 million a year earlier. D'Ieteren waived a €76.4 million shareholder loan, reducing outstanding principal from €255.4 million to €179.0 million, while net debt declined to €204.9 million from €269.5 million at year-end 2025. Silvano Sala Tesciat joined as Moleskine CFO on September 1.
At the corporate level, net financial debt rose to €299.8 million from €286.8 million at year-end 2025. D'Ieteren paid €106.4 million in dividends and executed €29.5 million in share buybacks during the first half.
