D'Ieteren's H1 profit falls on refinancing, weak automotive market

Belgian holding group D'Ieteren DIE on Wednesday reported a 22.7% drop in its half-year adjusted profit before tax, weighed down by refinancing and weak automotive market in Belgium. Despite the drop, the company, active in sectors from automotive to Moleskine notebooks, confirmed its outlook for the full year.

WHY IT'S IMPORTANT

The group, which distributes Volkswagen, Audi, SEAT and Škoda cars in Belgium through its D'Ieteren Automotive business, has been impacted by a slowdown in the region's automotive market.

Volume growth in its vehicle glass repair and replacement business Belron was meanwhile impacted by two fewer trading days in the first quarter of 2025 compared to last year. Belron, the group's most profitable division, makes more than half of its sales in North America.

BY THE NUMBERS

The adjusted profit before tax, D'Ieteren's key performance indicator, fell to 452.4 million euros ($529.62 million) in the first six months of the year, compared with 585.5 million euros a year earlier.

Around 53% of those profits came from Belron, which posted a 2.1% drop to 239.6 million euros.

KEY QUOTES

"H1 results reflect a more challenging environment at D’Ieteren Automotive and TVH and the impact of the additional debt at Belron and the Corporate & unallocated segment raised at the end of 2024," the group said in a press release.

"The number of Belgian new car registrations decreased by -10.2% YoY in the first half of 2025," it said about the drop in D'Ieteren Automotive's sales.

($1 = 0.8542 euros)