Message from the Chairman

Ladies and gentlemen,

Dear Shareholders,

In a global economic climate marked by persistent uncertainty, our Group is moving forward with determination and a clear vision. As the global landscape evolves and new trends emerge, we remain true to the principles that underpin our strength: a long-term vision, disciplined execution and the ability to invest with conviction to provide our businesses with long-term support. This consistency has enabled us to navigate a volatile environment and maintain a positive momentum, thereby ensuring sustainable performance. This is evidenced by the rapid deleveraging across both the Group and its subsidiaries.

I would like to take this opportunity to express my deep appreciation to the members of our Boards and our management teams for the outstanding results achieved over the past year. Their commitment and understanding of the drivers of value creation form the foundation of our current success and, I am convinced, our future success. Through their work, they help to serve the interests of our employees, our customers and our shareholders. Belron exemplifies excellence in execution, combining outstanding quality of service, growing performance and efficient management of its cost structure. D’Ieteren Automotive once again confirms its position
as market leader, driven by strong sales performance and a significant financial contribution to the Group. PHE continues its path of growth with consistency and determination, driven by regular, targeted acquisitions that strengthen its geographical footprint and improve its profitability. A more complex year for TVH, which nevertheless continues to demonstrate the uniqueness of its model: exceptional parts availability worldwide, state-of-the-art logistics for deliveries and advanced digital
capabilities at the customer’s service. As for Moleskine, the company is focusing on the future with a new management team consisting of two Co-CEOs with complementary skills. I wish them every success.

All these stories confirm one thing: great achievements never stem from a single act, but from a sustained commitment over time, built on discipline, courage and ambition. We are continuing to deploy our investment strategy, which remains one of the key drivers of value creation for our Group. This approach, based on new acquisitions and the expansion of existing businesses, reinforces the strength of our Group and accelerates its growth momentum.

Ladies and Gentlemen, on behalf of the Board of Directors, I thank you for your commitment and loyalty.

Nicolas D’Ieteren
Chairman of the Board