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Investing.com -- D’Ieteren Group (EBR:IETB) shares fell more than 6% on Thursday after the Belgian holding company posted a 23% drop in half-year profit, citing weaker car sales, softer demand at TVH and higher debt costs at Belron on Wednesday.
Adjusted profit before tax, the group’s key measure, fell to €452.4 million in the first half from €585.5 million a year earlier.
The company said the decline was “largely explained by -€98.4m higher net financial charges” after debt was raised at the end of 2024.
Belron, the vehicle glass repair and replacement business, reported adjusted profit before tax of €239.6 million, down 15% from a year earlier.
Sales rose 4.1% to €3.41 billion, supported by growth in recalibration revenues and value-added products, but the company pointed to “additional financial charges from the additional debt raised at the end of 2024 (-€62.1m)” as a key drag.
D’Ieteren Automotive posted a 27.1% decline in adjusted profit before tax to €109.1 million, reflecting a market downturn after a record 2024.
“The Belgian new car market declined in the first half of 2025 compared to H1-2024,” the group said, noting that registrations fell 10.2% to 230,675 units.
Deliveries dropped 22.2% to 53,018 vehicles, while market share slipped to 23.1%. The adjusted operating margin narrowed to 4.5% from 5.5% .
Parts distributor PHE recorded a 6.9% increase in adjusted profit before tax to €90.2 million, supported by 5.2% revenue growth to €1.46 billion.
The group flagged “continued market share gains” despite cost pressures and fewer trading days.
TVH reported adjusted profit before tax of €37.8 million, a 30.8% fall from the previous year, citing “a continued softness in its end-markets.” Sales were broadly flat at €849.7 million, while margins fell to 14.3% from 16.8%.
Moleskine posted a 3.6% sales decline to €51 million and recorded a €7.6 million loss in adjusted profit before tax.
Direct channels and partnerships performed better than wholesale accounts due to cautious inventory management.
At the group level, consolidated sales excluding Belron and TVH fell 5.8% to €4.05 billion. Adjusted net profit was €322.6 million, down from €424.5 million in the same period of 2024.
Trading cash flow was €482.3 million, while free cash flow narrowed to €9.9 million. The group repaid a €500 million bridge loan during the half-year, reducing gross external debt to €500 million.
Confirming its full-year guidance, D’Ieteren said it expects “continued improvement in the operational performance of most of its businesses,” but cautioned that financing charges would weigh on results.
It forecast full-year impacts of about €140 million at Belron and €40 million at the corporate level .
The company also announced a leadership change at TVH. On Aug. 25, CEO Dominiek Valcke stepped down by mutual agreement with the board. Patrick Lecluyse was appointed executive chairman pending the appointment of a successor.