Annual Report 2025

2025 was a record year for Belron. On the financial side, sales and operating profit are at all-time highs, and in line with the targets set at the 2022 Investor Day. This exceptional track record confirms Belron as a best-in-class services company. Cash generation remains at high levels, and the company managed to deleverage its balance sheet significantly since the increased financing at the end of 2024. This also allowed for the repricing of its debt on the TLB markets.

In May 2025, D’Ieteren Group held an Investor Day in London. This well attended event was the opportunity for D’Ieteren Group’s Executive Committee and the management teams of its businesses to present their strategies, address the evolution of their respective markets and provide financial and non-financial ambitions towards 2028.

D’Ieteren Automotive has been awarded the EcoVadis Platinum Medal, the highest distinction granted by EcoVadis. Following last year’s Gold rating (74/100), the company achieved an exemplary score of 86/100, positioning it within the Top 1% of 150,000 companies assessed worldwide. This recognition underscores the robustness of its global strategy, encompassing sustainable mobility, strong ethical standards, solid supplier relationships, and exemplary HR practices.

Laure Browne and Thomas Boucar have been appointed Co-CEOs of Moleskine, succeeding former CEO Christophe Archaimbault. Combining complementary areas of expertise, they bring together deep brand-building experience with strong strategic, financial, and operational leadership.

D’Ieteren Immo has received SBTi validation for its 1.5°C-aligned climate targets, strengthening its decarbonisation ambition. The company commits to reduce absolute Scope 1 and 2 emissions by 52% by 2030 from a 2019 baseline, and to measure and reduce its Scope 3 emissions across its value chain.

Tanja Dysli joined TVH as Chief Operating Officer in October 2025. She brings more than two decades of international logistics and supply chain expertise from her leadership roles at IKEA, including Chief Supply Chain Officer for IKEA US and President of IKEA Distribution Services.

In February 2025, PHE has announced exclusive negotiations for a majority stake in Top Part in the Republic of Ireland, aimed at strengthening its international development, expanding its geographic footprint and consolidating its position as a leading European aftermarket player. At the beginning of 2026, PHE also announced being in exclusive negotiations for the acquisition of a majority stake in two Spanish distributors, further strengthening its positioning on the Spanish market as well.

D’Ieteren Group has prepaid its 2-year €500m bridge loan in the first half of 2025, reducing the Group’s gross external debt to €500m. This highlights the strength and cash generative nature of its businesses, which allows for significant cash upstream to the Group.

D’Ieteren Automotive strengthened its leadership in Belgium’s Battery Electric Vehicle market in 2025, reaching a market share of 28.8%, an increase of nearly five percentage points compared with 2024. This significant growth reflects the continued confidence of customers in the BEV portfolio represented by the company and underscores D’Ieteren Automotive’s active role in shaping the national Belgian electromobility landscape.

D’Ieteren Immo achieved another major milestone with the finalisation and delivery of two new buildings at D’Ieteren Park in Erps-Kwerps: the D’Ieteren House, now home to most D’Ieteren Automotive teams, and a completely renovated building for the VDFin teams. Both projects obtained a BREAAM Outstanding certification, reflecting the company’s strong commitment to own sustainable and future-proof real estate assets.

TVH continued its growth investments with the opening of new distribution centres in Reno (US) and Ruda Śląska (Poland) and progressed on the construction of the sizeable Plant T in Waregem. The company also advanced on its targeted M&A strategy, completing the acquisitions of IPS Ireland, Rado Glass in Germany and G2BPro in Canada, further reinforcing its expanding international service offering.

In 2026, Autodistribution was once again recognized among France’s “Best Employers,” ranking 7th in the Wholesale Trade category in Capital magazine’s annual survey. This marks the company’s 10th consecutive appearance among top employers, reflecting its strong commitment to human resources excellence, employee engagement, and social responsibility.