Full Year 2025 D'Ieteren Group SA Earnings Call Transcript
Key Points
- D'Ieteren Group (SIETY) reported a 3.8% growth in adjusted profit before tax group share on an underlying basis, demonstrating resilience despite challenging market conditions.
- The company maintained a strong free cash flow of EUR 374 million, showcasing the robustness of its portfolio.
- Belron achieved a record year with over 7% top-line growth at constant FX and a strong 23% adjusted EBIT margin.
- D'Ieteren Auto maintained a robust operating margin of 4.7% despite a challenging market environment, highlighting effective management and strategic vehicle mix.
- PHE continued its growth trajectory with a 9.7% increase in adjusted profit before tax group share, driven by market share gains and successful M&A strategy.
- The adjusted PBT group share declined by 10.3% year-on-year on a reported basis, primarily due to additional financial charges and significant foreign exchange headwinds.
- TVH experienced a decline in adjusted operating profit margin to 13.4%, impacted by negative FX effects and increased freight costs.
- Moleskine faced challenges in its wholesale channel, leading to a negative operating leverage and an adjusted PBT group share of minus EUR 8 million.
- D'Ieteren Auto's sales declined by 5.5% year-on-year, and the company anticipates a material decline in adjusted operating margin in 2026 due to market pressures.
- The group faced significant management changes, including the departure of the Chief Investment Officer, which could impact strategic continuity.
Ladies and gentlemen, welcome to the D'Ieteren Group 2025 full year results conference call. (Operator Instructions) Please note that this call is being recorded. Today, I'm pleased to present Francis Deprez, CEO; and Edouard Janssen, CFO. Gentlemen, please go ahead.
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Well, good evening, ladies and gentlemen. Welcome to our full year 2025 conference call. It has been another year of good results, including a steady deleveraging at the Corporate and Belron levels. And let me start with the three main messages we would like to convey today.
First of all, on an underlying basis, our classical KPI, the adjusted profit before tax group share grew by 3.8% versus 2024 at our guidance foreign exchange rates. Second, our free cash flow remained very solid at about EUR374 million this year, demonstrating the robustness of our portfolio. And with those results, our Board of Directors will also propose a dividend per share of
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