D'Ieteren Group (SIETY) (H1 2026) Earnings Call Highlights: Belron and PHE Power Profit Growth ...

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Release Date: September 09, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Adjusted profit before tax group share grew 8.4% at constant FX, driven by strong performance at Belron, PHE, and TVH.

• Trading cash flow group share increased nearly 12% to 539 million, with Belron's free cash flow up 89% year-on-year.

• Belron delivered robust top-line growth of 8.3% and adjusted operating profit growth of 16.5% at constant FX, with margin expanding to 23%.

• PHE continued its compounding growth trajectory with sales up 10.4%, including 6% organic growth and 4.4% from acquisitions, and adjusted PBT group share up 18.4%.

• TVH posted solid top-line growth of 7.7% at constant FX, with adjusted PBT group share up 16.9% year-on-year, supported by positive volume trends.

Negative Points

• D'Ieteren Automotive faced a challenging environment with sales down 10.8%, adjusted operating margin declining to 2.1%, and adjusted PBT group share down two-thirds.

• The Belgian new car market declined 2.4%, and D'Ieteren Automotive's market share fell to 21.5%, impacted by increased competition and regulatory changes.

• D'Ieteren Automotive announced a transformation plan that could result in the loss of 344 jobs, and a 47.2 million impairment charge on retail dealerships was recognized.

• Belron's volume growth excluding recalibration was only 0.4%, indicating limited growth in core jobs, and the company faces a tougher comparable base in H2.

• PHE's trading cash flow decreased to 45 million from 66 million last year, due to higher working capital requirements and increased expansion CapEx.

Q & A Highlights

Q: On Belron, how long is the runway of the recovery of the claim avoidance normalization in the US? A: Francis Deprez, CEO, said claims avoidance stopped declining a while back and claims have been going up again for a couple of months. He would not say volumes are fully back to normal yet, but the development is healthy. Putting a precise timing on when the recovery runs out would be pure speculation.

Q: On D'Ieteren Automotive, is the 2.1% EBIT margin a trough, and do you expect to recover the market share loss in H2 given the new models ramping up? A: Francis Deprez, CEO, said the market share loss was partly due to fewer model launches in H1 2026, but new models (including the Skoda Epiq and smaller EVs) have already been launched. He expects the brand and model mix to support market share moving higher again, though timing of orders and deliveries is uncertain. On margin, the transformation plan partly addresses the cost base, but it is too early to comment, and H2 is expected to remain very tough for auto.

Q: On the group outlook, your low to mid-single-digit adjusted PBT growth guidance versus 8%+ in H1 implies almost 0% growth in H2. What are the moving parts? A: Edouard Janssen, CFO, said trends at D'Ieteren Automotive weakened throughout H1 and are not expected to improve in H2, leading to a weaker negative impact that should be partially offset by the group's other businesses. He noted a tougher comparable base for Belron in H2 versus H1, and confirmed the full-year growth rate range with no reason to change it.

Q: On Belron, could you disclose volume growth excluding recalibration, and what have you seen on US insurance claims recovery? A: Francis Deprez, CEO, said volume growth excluding recalibration is plus 0.4%. On insurance claims, Belron has seen encouraging positive percentage increases in claims filings, tracked monthly, though he could not provide specific numbers. The underlying premium environment remains favorable and claims are progressing in relative terms, but the H2 2025 comparable is tougher.

Q: On D'Ieteren Automotive, what is the scale of the 344-job reduction in terms of cost savings, and should you consider other strategic options such as partnering with other OEMs? A: Francis Deprez, CEO, said the 344 jobs represent roughly 10% to 15% of the total workforce, but it is too early to quantify cost savings as it is a strict legal process still in the intention phase. The plan also includes possible site closures and reductions across marketing and other costs. On other strategic options, he said D'Ieteren Automotive is pursuing its 2030 strategic plan and there is nothing else to add.

Q: On Belron, if you sustain the H1 margin delivery you will be close to your 25% margin target well ahead of time. Where could margins go beyond that? A: Edouard Janssen, CFO, cautioned that H2 last year was a much tougher comparable, partly due to the NAGS effect from September 2025. He also reminded that the 2028 target was guided to be spread over multiple years for many reasons, so the H1 delivery should be viewed with humility.

Q: On TVH, organic growth was strong and broad-based. How permanent is this, given a similar spike in H1 2024 was followed by 18 months of zero growth? A: Francis Deprez, CEO, attributed the strength to structural factors: good traction in non-material handling verticals like construction and agriculture, where TVH has added catalogs, warehouses and SKUs, and a stronger commercial drive across regions including key account management and digital campaigns. He sees no reason why this momentum should change.

Q: On Moleskine and the debt waiver, where do you sit on the debt-to-equity threshold now, and would more impairments likely trigger more waivers? A: Edouard Janssen, CFO, confirmed the understanding that Italian statutory rules led to the EUR76 million waiver on the shareholder loan. He said that in the future, if there were more impairments, the answer would be yes as well.

Q: On Belron, OEMs have said aftermarket glass is potentially not approved for their warranties. What is Belron's position? A: Francis Deprez, CEO, said Belron hardly touches warranty jobs because warranty work typically goes to the OEM dealer for payment and conditions. Belron is de facto a specialist player not linked to an OEM, so it is typically not affected by what happens in the warranty business.

Q: On D'Ieteren Automotive, to what extent is there gross margin pressure from Volkswagen, and do you expect it to continue? A: Francis Deprez, CEO, said Volkswagen is under pressure and tries to pass it down the value chain, and each time new models are launched distribution margins may be reviewed. But this is not new. He added that intense competition also forces discounts, and he expects Volkswagen to eventually offer competitively priced vehicles again as it progresses with its own restructuring, though the current phase has less gross margin available.

Q: On PHE, leverage rose to 3.5 times. Is there a ceiling, or do you still have room for further bolt-on M&A? A: Edouard Janssen, CFO, said PHE was at 4.5 times leverage when acquired and has deleveraged progressively. He said around 3 times is liked, but 3.5 times or even a bit more for future M&A is absolutely fine and welcome. PHE is expected to continue its bolt-on M&A strategy.

Q: On Belron, cash flow was helped by much lower tax in the semester. How sustainable is that lower tax rate? A: Edouard Janssen, CFO, said there was a favorable one-off in H1 2026 that is not expected to be repeated.

Q: On the guidance, with consensus at the top of your low to mid-single-digit range, are you pointing to the bottom end? A: Francis Deprez, CEO, declined to be more precise, saying the

For the complete transcript of the earnings call, please refer to the full earnings call transcript .