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Group Belron Automotive TVH PHE Moleskine Corporate H1 - 2026 Results September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Main messages today D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 2 The Group delivered a robust performance in H1 - 2026 1 2 3 We confirm our outlook for FY - 2026 • Low - to mid - single - digit growth rate in adjusted PBT, g.s. • Trends at D’Ieteren Automotive weakened throughout H1 - 2026 and are not expected to improve in H2 - 2026. The impact of this evolution is expected to be partially offset in H2 - 2026 by the Group’s other businesses. • Outlook at constant FX 1 and excluding the impact of PHE’s Spanish acquisitions closed in May. Review of strategic options for minority shareholders’ stakes in Belron 1. Constant currency FX rates as of December 31 st , 2025 4 The Board of Directors announces a CEO transition
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Key highlights on H1 - 2026 results 3 1. Constant currency FX rates as of December 31 st , 2025 2. In order to provide an accurate picture of the car market, Febiac publishes market figures excluding registrations that have been cancelled within 30 days. Most of them relate to vehicles that are unlikely to have been put into circulation in Belgium by the end customer. Belron D’Ieteren Automotive • 8.3% top - line growth, at constant FX 1 • Adjusted operating result of €820m, up by 12.3% (or +16.5% YoY at constant FX 1 ) • 23.0% adjusted operating margin, up from 21.4% in H1 - 2025 • Adjusted PBT, g.s. of €308.2m, up by 28.6% (or +32.5% at constant FX 1 ) Robust performance and outlook confirmed • Reported adjusted PBT, gs amounts to €482.4m in H1 - 2026, up by 6.6% (or 8.4% at constant FX 1 ) vs. H1 - 2025. • Strong trading cash flow, gs of €539m, up by 12.0% YoY • Low - to mid - single - digit growth YoY (at constant FX 1 ) in adjusted PBT, gs expected for FY - 2026 • Market share of 21.5% ( - 153bps) in a declining Belgian net new car market 2 ( - 2.4% YoY) • Adjusted operating result of €47m, with an adjusted operating margin of 2.1% (vs. 4.5% in H1 - 2025) • Adjusted PBT, g.s. decreased by - 66.6% YoY after a record year in FY - 2025 PHE • +10.4% top - line growth, of which +6.0% organic growth • Adjusted operating result of €155m, up by 16.6% YoY • Adjusted operating margin of 9.6% • Adjusted PBT, g.s. up by +18.4% YoY to €106.8m TVH • +5.3% top - line growth (+ 7.7% at constant FX 1 • Adjusted operating result of €123m (+1.3%, +3.7% at constant FX 1 ) • Adjusted operating margin of 13.7% • Adjusted PBT, g.s. up by 16.9% YoY (or +19.1% at constant FX 1 Moleskine • 6.2% YoY organic top - line growth • Adjusted operating result slightly declined to €0.7m • Adjusted PBT, g.s. improved to - €4.7m D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart D’Ieteren Group – KPI 4 Adjusted profit before tax, Group’s share 1 : +6.6% € million Note: Growth rates per business are at constant FX 1. Including 50.3% of Belron and 40% of TVH for both periods. 2. Constant currency FX rates as of December 31 st , 2025 239.6 231.0 306.1 308.2 109.1 109.1 75.1 90.2 90.2 106.8 106.8 7.0 TVH 2.9 Moleskine 8.2 36.4 43.8 - 4.7 - 8.5 H1 - 2026 at constant FX 2 - 16.7 44.2 - 4.7 - 8.5 H1 - 2026 36.4 37.8 - 7.6 - 16.7 H1 - 2025 36.8 - 7.6 H1 - 2025 at constant FX 2 Belron - 72.7 D’Ieteren Automotive Corporate & unallocated 16.6 452.4 442.8 479.9 482.4 PHE 6.6% 8.4% at constant FX +32.5% - 66.6% +18.4% +19.1% n.a. n.a. Belron Moleskine D’Ieteren Automotive TVH PHE Corporate & Unallocated D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture D’Ieteren Group - Financials 5 Sales, Group’s share 2 : - 0.4% 1. Constant currency FX rates as of December 31 st , 2025 2. Including 50.3% of Belron and 40% of TVH for both periods. 3. Free Cash Flow = [Adjusted EBITDA +/ - other non - cash items – change in working capital - capital expenditures - capital paid on lease liabilities - taxes paid - interests paid - acquisitions + disposals +/ - cash - flow from adjusting items +/ - other cash items] 339.9 H1 - 2025 357.9 H1 - 2026 6,109.4 6,086.0 51.0 1,458.9 2,542.1 1,717.5 52.2 1,609.9 2,268.5 1,797.5 - 0.4% +4.7% +2.2% - 10.8% +5.3% +10.4% Adjusted operating result, Group’s share 2 : +0.0% - 1.3 H1 - 2025 0.7 - 1.4 H1 - 2026 662.7 663.0 367.3 114.7 132.7 48.4 0.9 412.6 47.3 154.7 49.1 0.0% Free cash flow 3 , Group’s share 2 : n.a. +12.3% - 25.9% - 58.7% +1.3% +16.6% Belron D’Ieteren Automotive PHE TVH Moleskine Corporate & unallocated D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 n.a. 12.5 H1 - 2025 - 4.3 - 3.4 H1 - 2026 7.2 - 4.1 - 36.3 - 4.6 - 46.2 - 47.4 129.2 - 26.0 - 180.6 - 33.9 244.0 +0.7% at constant FX 1 +2.2% at constant FX 1
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart D’Ieteren Group – Financial position 6 Debt structure € million • The net financial position of the “Corporate & Unallocated” segment evolved from a net financial debt of € 286 . 8 m on 31 December 2025 (including inter - segment loans) to a net financial debt of € 299 . 8 m on 30 June 2026 . • The increase in net financial debt of the segment was driven by the dividend paid to D'Ieteren Group shareholders ( - € 106 . 4 m), share buybacks ( - € 29 . 5 m), a negative free cash flow 1 contribution ( - € 25 . 9 m) and a waiver on the inter - segment financing with Moleskine ( - € 76 . 4 m) . This was partly offset by the distributions from Belron ( € 102 . 6 m), D'Ieteren Automotive ( € 100 . 4 m) and TVH ( € 15 . 0 m), together with € 5 . 8 m of capitalised interest on the inter - segment financing with Moleskine . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid o n lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow] €m Auto Belron (100%) Moleskine TVH (100%) PHE Corp & Unallocated Loans, borrowings and lease liabilities 425.3 8,892.3 21.2 960.9 1,559.4 615.4 Inter-segment - - 186.8 - - -186.8 Gross debt 425.3 8,892.3 207.9 960.9 1,559.4 428.6 Cash & cash equivalents -15.7 -549.4 -3.1 -59.4 -165.3 -123.4 Current financial investments - - - -0.1 - - Other non-current assets -0.6 - - - - -5.3 Total net debt 409.0 8,342.9 204.9 901.4 1,394.0 299.8 Excluding inter-segment loans 486.6 June 30 th 2026
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Latest developments 7 Belron • Belron continued its focus on operational execution across all strategic priorities and all regions • The Best of Belron challenge, the event celebrating technicians across the globe, took place in June in Lisbon. It demonstrated once more Belron’s purpose: “Making a difference with real care” D’Ieteren Automotive • D’Ieteren Automotive’s management announced to the Works Council, on September 3rd, its intention to implement a transformation plan designed to adapt the company to the profound changes currently shaping the automotive and mobility markets. • As a result of lower - than - anticipated performance at its Retail operations, D’Ieteren Automotive recognised in H1 - 2026, a €47.2m impairment charge, fully allocated to goodwill. PHE • At the end of May 2026, PHE completed the acquisition of a 51% stake in two large Spanish distributors, further reinforcing PHE’s leading position in the Spanish market. • In April 2026, Mr. Lilian Leroux joined PHE as Group Deputy CEO. In addition, Mr. Cyrille Flamant, previously Deputy CFO, was appointed Group CFO in May 2026. TVH • Giuliano Parody started his function as new CEO of TVH on September 1 st , 2026. Moleskine • Silvano Sala Tesciat took over the function of CFO of Moleskine on September 1st. • Following the impairment charge booked on Moleskine in H2 - 2025, D’Ieteren Group waived €76.4m of the shareholder loan in H1 - 2026. Group • The Group continued to actively support its businesses, with the D’Ieteren Group team working closely alongside management teams on a range of value creation initiatives, including M&A and financing activities, leadership succession planning, and strategic projects. • Belron’s shareholders are evaluating strategic options for the minority shareholders’ stakes in the Company, including, among others, a potential listing. D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate « Making a difference with real care » Belron
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Adjusted operating profit €820m +16.5% YoY at constant FX 1 23.0% margin Leverage 2 4.3x Adjusted PBT, gs €308m +32.5% YoY at constant FX 1 Sales €3,574m +8.3% YoY at constant FX 1 Free cash flow €485m Trading cash flow conversion of 89% Dividends €194m H1 - 2026 highlights 9 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 Note: All figures shown at reported FX, unless otherwise specified. 1. Constant currency FX rates as of December 31 st 2025. 2. Senior secured indebtedness/pro forma EBITDA post - IFRS 16, as defined in Belron’s Credit Agreement and Compliance Certificate for debt lenders
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart H1 - 2026 sales Strong sales growth across regions in H1 - 2026: +8.3% YoY at constant FX 1 10 3,278 3,549 H1 - 2025 at Dec 31st, 2025 FX H1 - 2025 248 Organic 23 M&A - 112 FX H1 - 2026 H1 - 2026 at Dec 31st, 2025 FX 3,415 3,574 +4.7% +8.3% • Strong o rganic sales growth of 7 . 3 % , contribution from acquisitions of 0 . 7 % and negative - 3 . 3 % headwind from FX leading to 4 . 7 % total reported growth . At constant FX (December 31 st , 2025 rates), total sales increased by 8 . 3 % . • This strong growth was delivered across regions, including 9 . 4 % organic growth in North America, reflecting successful execution of strategic priorities and improving demand in the insurance segment . • Overall, sales growth is driven by : • Positive volume trends, with an increase in total job volume (prime jobs + recalibrations) of 3 . 9 % YoY • Favourable price/mix effect • Continued increase in ADAS 2 recalibration penetration : 52 . 1 % (versus 45 . 9 % in H 1 - 2025 ) • Positive sales growth in VAPS 2 (attachment rate of 24 . 6 % ) 1. Constant currency FX rates as of December 31 st , 2025 2. Advanced Driver Assistance Systems (‘ADAS’); Value Added Products and Services (‘VAPS’) D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 Sales growth Organic Acquisitions Forex Total North America 9.4% 0.9% -6.1% 4.2% Eurozone 4.4% 0.1% 0.1% 4.6% ROW 5.3% 0.8% 0.4% 6.5% TOTAL 7.3% 0.7% -3.3% 4.7%
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart H1 - 2026 results Adjusted operating result increased by 16.5% at constant FX 2 , at a 23.0% margin 11 1. VGRR jobs on passenger cars 2. Constant currency FX rates as of December 31 st , 2025 3. 50.30% stake in Belron D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 H1-2026 % change VGRR prime jobs 1 (in million) 6.7 6.7 0.4% External sales 3,414.5 3,573.5 4.7% Adjusted operating result 730.2 820.3 12.3% Adjusted operating margin 21.4% 23.0% Adjusted net finance costs -253.8 -207.6 -18.2% Share in adjusted net profit of JV and associates 0.8 - Adjusted PBT 476.4 612.659 28.6% Adjusted PBT, group’s share 2 239.6 308.2 28.6% €m, at December 31 st , 2025 FX H1-2025 H1-2026 % change External sales 3,277.7 3,548.6 8.3% Adjusted operating result 699.5 815.0 16.5% Adjusted operating margin 21.3% 23.0% Adjusted PBT, group’s share 2 231.0 306.1 32.5% • Adjusted operating result increased by 12 . 3 % YoY to € 820 . 3 m (margin of 23 . 0 % ), or + 16 . 5 % YoY at constant FX, driven by : • Productivity improvements and capacity management • Strong operational execution and positive operating leverage • Adjusted PBT, Group’s share 2 , 3 stood at € 306 . 1 m, an increase of 32 . 5 % versus € 231 . 0 m in H 1 - 2025 , at constant FX rates . • This increase is primarily driven by strong operational performance, as well as lower financial charges
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Free cash flow 1 and net debt 12 • Free cash flow 1 amounted to € 485 . 1 m, up by 89 % YoY from € 256 . 8 m in H 1 - 2025 , primarily explained by : o Continued strong operating performance (+ 11 . 4 % YoY growth in adjusted EBITDA) o a higher working capital inflow (inventory investments in H 1 - 25 ), o lower cash taxes (including the use of tax credits), o lower cash interest paid • Net debt decreased from € 8 , 412 . 9 m as at December 31 st , 2025 to € 8 , 342 . 9 m as at June 30 th , 2026 , driven by strong free cash flow generation, partially offset by the FX impact on net debt, as well as € 193 . 5 m dividends paid (of which € 102 . 6 m to D’Ieteren Group), and increased lease liabilities . • Senior Secured Net Leverage ratio post - IFRS 16 2 continued to decrease to at 4 . 3 x at the end of June 2026 compared to 4 . 5 x at the end of December 2025 . 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow] 2. Senior secured indebtedness/pro forma EBITDA post - IFRS 16, as defined in Belron’s Credit Agreement and Compliance Certificate for debt lenders D’Ieteren Group – FY - 2025 results – March 10th, 2026 €m H1-2025 H1-2026 Adjusted EBITDA 884.4 984.8 Change in working capital requirement 19.9 58.7 Net capex -61.5 -53.6 Capital paid on lease liabilities -110.0 -116.3 Other -0.4 0.1 Trading cash flow 732.5 873.8 CF from adjusting items -59.9 -45.8 Acquisitions -27.6 -44.6 Taxes paid -134.4 -72.4 Net interest paid -253.8 -226.0 Free cash flow 256.8 485.1 Net debt (June 30 th ) 8,388.9 8,342.9
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Group Belron Automotive TVH PHE Moleskine Corporate « Building seamless and sustainable mobility for everyone » D’Ieteren Automotive
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Free cash flow 1 - €34m Adjusted PBT, gs €36m - 66.6% YoY Adjusted operating profit €47m 2.1% margin Sales €2,269m - 10.8% YoY Leverage 1.7x H1 - 2026 highlights 14 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture H1 - 2026 market 1 15 Gross new car registrations (k units) D’Ieteren Automotive’s market share (%) 288 310 322 331 310 217 232 195 264 263 235 231 213 230 224 218 240 215 150 171 212 185 180 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 501 540 547 550 550 431 383 366 477 448 415 2026 H1 H2 21.3 20.9 20.8 21.6 23.1 23.4 22.3 23.8 22.8 21.6 21.8 21.3 21.5 22.8 23.6 23.7 24.2 24.0 22.9 21.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 - 2026 22.5 24.0 1. Source: Febiac 2. In order to provide an accurate picture of the car market, Febiac publishes market figures excluding registrations that have been cancelled within 30 days. Most of them relate to vehicles that are unlikely to have been put into circulation in Belgium by the end customer. Market share (%) Net market share (%) 2 49% 53% 56% 57% 9% 36% 42% 42% 41% 42% 20% 2023 5% 2024 3% 2025 1% 100% 100% 100% H1 - 2026 2% 100% Petrol Diesel New energy Hybrid Electric CNG / LPG Fuel mix 69% 62% 58% 53% 31% 38% 42% 47% 2023 2024 2025 100% 100% 100% H1 - 2026 100% Private Business Buyer mix 15 D’Ieteren 23.7% market share D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 - 1.8% YoY
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture H1 - 2026 results 16 • D’Ieteren Automotive’s deliveries reached 48,637 units, representing a decline of - 8.3% YoY (Passenger Vehicles: - 8.0%; Light Commercial Vehicles: - 9.5%). • In this context of decreasing volumes, and amplified by a negative price/mix evolution, D’Ieteren Automotive’s external sales decreased to €2,268.5m ( - 10.8% YoY). • The adjusted operating result decreased by - 58 . 7 % YoY to € 47 . 3 m, at a 2 . 1 % adjusted operating margin, essentially driven by negative top - line trends, tighter distribution margins and negative operating leverage (notably at D’Ieteren Automotive’s own Retail operations) . • Adjusted PBT, Group’s share stood at € 36 . 4 m ( - 66 . 6 % YoY) . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 H1-2026 % change New vehicles delivered (in units) 53,018 48,637 -8.3% External sales 2,542.1 2,268.5 -10.8% Adjusted operating result 114.7 47.3 -58.7% Adjusted operating margin (in %) 4.5% 2.1% Adjusted net finance (costs)/income -6.1 -11.9 - Share in adjusted net profit of JV and associates - 0.7 Adjusted PBT 108.6 36.2 -66.7% Share of the Group in tax on adjusted results of equity-accounted investees 0.2 0.1 -50.0% Share of non-controlling interests in adjusted PBT 0.3 0.2 -33.3% Adjusted PBT g.s. (incl g.s. in equity-accounted entities' adj PBT ) 109.1 36.4 -66.6% Difficult environment and negative operating leverage weighing on results
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Free cash flow 1 and net debt 17 • Free cash flow improved YoY to - € 33 . 9 m (versus - € 47 . 4 m in H 1 - 2025 ), mainly attributable to a modest cash inflow ( € 8 . 2 m) from working capital versus a - € 72 . 6 m outflow in H 1 - 2025 , largely offset by the weaker operating performance . • Net debt increased from € 259 . 5 m as at December 31 st , 2025 to € 409 . 0 m as at June 30 th , 2026 , driven by the distribution to the Corporate & unallocated segment, free cash flow consumption and increase in lease liabilities . • Net debt / adjusted EBITDA stood at 1 . 7 x at the end June 2026 . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 H1-2026 Adjusted EBITDA 152.2 89.9 Change in working capital requirement -72.6 8.2 Net capex -15.8 -12.8 Capital paid on lease liabilities -24.7 -28.3 Other -7.3 -6.5 Trading cash flow 31.8 50.5 CF from adjusting items -43.2 -51.9 Acquisitions -10.0 -8.1 Taxes paid -21.0 -11.6 Net interest paid -5.0 -12.8 Free cash flow -47.4 -33.9 Net debt (June 30 th ) 453.9 409.0 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate « Support affordable & sustainable mobility » PHE
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Trading cash flow 1 €45m Sales €1,610m +10.4% YoY +6.0% organic Leverage 3.5x Adjusted PBT, gs €107m +18.4% YoY Adjusted operating profit €155m +16.6% YoY 9.6% margin H1 - 2026 highlights 19 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart H1 - 2026 results Continued growth compounding and successful M&A strategy, with operating leverage 20 919 540 938 672 H1 - 2025 25 Organic France 62 Organic International 64 M&A H1 - 2026 International France 1,459 1,610 +10.4% D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 • Continued solid sales growth of + 10 . 4 % YoY, reflecting 6 . 0 % organic sales growth and 4 . 4 % growth from M&A contribution , including one month of contribution ( € 32 . 3 m) of the 51 % stakes acquired in two Spanish distributors (Polaris and Regueira), which closed at the end of May 2026 . • French sales ( 57 . 0 % of total) grew 2 . 8 % organically, whereas international sales ( 43 . 0 % ) grew 11 . 2 % , reflecting continued market share gains across regions . • Adjusted operating result increased by 16 . 6 % to € 154 . 7 m, largely driven by positive operating leverage, partially offset by inflationary pressure on transport and personnel costs . • Adjusted PBT, Group’s share of € 106 . 8 m (c . 22 % of the Group’s adjusted PBT, Group’s share) , representing a + 18 . 4 % YoY increase . €m H1-2025 H1-2026 % change Sales 1,458.9 1,609.9 10.4% Adjusted operating result 132.7 154.7 16.6% Adjusted operating margin (in %) 9.1% 9.6% Adjusted net finance (costs)/income -38.8 -39.9 2.9% Share in adjusted net profit of JV and associates 0.1 0.6 Adjusted PBT 94.0 115.4 22.7% Share of the Group in tax on adjusted results of equity-accounted investees - 0.2 Share of non-controlling interests in adjusted PBT -3.8 -8.7 Adjusted PBT g.s. 90.2 106.8 18.4%
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Free cash flow 1 and net debt 21 • Trading cash flow stood at € 44 . 8 m, down from € 66 . 0 m in H 1 - 2025 despite stronger operating performance, largely explained by : o higher working capital requirements (additional stock build and reduced factoring) ; and o increased capital expenditures • Free cash flow decreased to - € 180 . 6 m in H 1 - 2026 , due to the net acquisition spend, mostly relating to the acquisition of two AD distributors in Spain (Polaris and Regueira) . • Net debt stood increased to € 1 , 394 . 0 m as at June 30 th , 2026 , compared to € 1 , 120 . 7 m as at December 31 st , 2025 . The net debt leverage ratio increased to 3 . 5 x, due to the € 200 m additional debt raised to fund the acquisition of the two Spanish AD distributors . NB : Net debt as per D’Ieteren Group’s definition doesn’t include the put options granted to non - controlling shareholders of PHE’s subsidiaries as well as the put options granted to minority investors who invested alongside D’Ieteren Group in the holding company of PHE . It also excludes the deferred considerations on acquisitions . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 H1-2026 Adjusted EBITDA 183.4 211.4 Change in working capital requirement -61.2 -99.8 Net capex -23.9 -35.1 Capital paid on lease liabilities -28.2 -29.6 Other -4.1 -2.1 Trading cash flow 66.0 44.8 CF from adjusting items -7.1 -9.0 Taxes paid -19.0 -27.9 Net interest paid -39.0 -38.2 Acquisitions -47.1 -148.5 Other - -1.8 Free cash flow -46.2 -180.6 Net debt (June 30 th ) 1,172.5 1,394.0 PHE segment (D'Ieteren Group's definitions) 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate « Keeps you going and growing » TVH
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Adjusted operating profit €123m +3.7% YoY at constant FX 1 13.7% margin Adjusted PBT, gs €44m +19.1% YoY at constant FX 1 Sales €895m +7.7% YoY at constant FX 1 +6.6% organic Free cash flow 2 - €8m Leverage 3.2x H1 - 2026 highlights 23 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Constant currency FX rates as of December 31 st 2025. 2. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture €m H1-2025 H1-2026 % change External sales 849.7 894.8 5.3% Adjusted operating result 121.1 122.7 1.3% Adjusted operating margin 14.3% 13.7% Adjusted net finance costs -26.5 -12.1 Adjusted PBT 94.6 110.6 16.9% Adjusted PBT, group’s share 37.8 44.2 16.9% H1 - 2026 results 24 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Constant currency FX rates as of December 31st 2025. 2. H1 - 2025 net finance costs were negatively impacted by realised and unrealised foreign exchange losses Supportive trends lead to 19.1% growth in adjusted PBT, g.s. (at constant FX 1 ) • At constant FX 1 , sales increased by + 7 . 7 % YoY o Volume trends remained supportive since the end of 2025 in all regions except the Middle - East, and all equipment markets . • Reported sales of € 894 . 8 m, representing a 5 . 3 % YoY increase, of which : o 6 . 6 % organic growth on positive volume trends ; o 0 . 9 % contribution from M&A ; and o - 2 . 2 % due to FX headwinds . • Adjusted operating result stood at € 122 . 7 m in H 1 - 2026 , representing a 1 . 3 % (or 3 . 7 % at constant FX 1 ) YoY increase, reflecting a higher growth in cost of goods sold and freight costs, combined with a controlled growth in other operating expenses . • Adjusted profit before tax, Group’s share increased to € 44 . 2 m (+ 19 . 1 % at constant FX) , driven by top - line trends, operational performance and lower net finance costs 2 . €m, at constant FX 1 H1-2025 H1-2026 % change External sales 826.9 890.5 7.7% Adjusted operating result 117.8 122.1 3.7% Adjusted operating margin 14.2% 13.7% Adjusted PBT, group’s share 36.8 43.8 19.1% 827 895 891 H1 - 2025 at constant FX 1 H1 - 2025 56 Organic 7 M&A - 18 FX H1 - 2026 H1 - 2026 at constant FX 1 850 +5.3% +7.7%
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Free cash flow 1 and net debt 25 1. Free Cash Flow = [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items] 2. H1 - 2025 Free Cash Flow has been restated in the framework of continuous improvement of the reporting of financial information • Despite improved operating performance ( adjusted EBITDA up by 5 . 2 % YoY), free cash flow consumption stood at - € 8 . 4 m, largely reflecting increased working capital requirements with higher trade receivables on stronger sales and investments in inventory to guarantee product availability and customer service levels across regions . • Net debt was € 901 . 4 m as at June 30 th, 2026 , up from € 852 . 5 m as at December 31 st, 2025 . • Net debt / LTM adjusted EBITDA was broadly stable at 3 . 2 x as at June 30 th , 2026 . • TVH has paid a € 37 . 5 m interim dividend to its shareholders in H 1 - 2026 . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 2 H1-2026 Adjusted EBITDA 142.4 149.8 Change in working capital requirement -22.6 -71.3 Net capex -33.8 -29.9 Capital paid on lease liabilities -14.7 -16.4 Other 4.5 9.4 Trading cash flow 75.7 41.7 CF from adjusting items -12.8 -9.9 Acquisitions -0.2 - Taxes paid -19.1 -25.5 Net interest paid -10.8 -13.0 Other -1.5 -1.6 Free cash flow 31.3 -8.4 Net debt (June 30 th ) 855.7 901.4
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Group Belron Automotive TVH PHE Moleskine Corporate « Unleash the human genius through hands on paper » Moleskine
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Trading cash flow 1 - €3.8m Adjusted PBT, gs - €4.7m from - €7.6 in H1 - 25 Adjusted operating profit €0.7m from €0.9m in H1 - 25 Sales €52m +6.2% YoY organic H1 - 2026 highlights 27 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 1. Free Cash Flow: [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading Cash Flow – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items = Free Cash Flow]
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture €m H1-2025 H1-2026 % change Sales 51.0 52.2 2.2% Adjusted operating result 0.9 0.7 -25.9% Adjusted operating margin (in %) 1.8% 1.3% Adjusted net finance (costs)/income -8.5 -5.5 Adjusted PBT -7.6 -4.8 Share of non-controlling interests in adjusted PBT - 0.1 Adjusted PBT g.s. -7.6 -4.7 H1 - 2026 results 28 • Moleskine’s sales increased by 2 . 2 % YoY in H 1 - 2026 to € 52 . 2 m . This evolution comprises a 6 . 2 % YoY organic growth, and a negative - 4 . 0 % related to currency translation . • This performance highlights a good performance in the retail channel, as well as a recovery in Wholesale, mainly in the US . • Adjusted o perating result slightly declined versus H 1 - 2025 to € 0 . 7 m due to a dilutive sales mix . • Adjusted finance costs amounting to - € 5 . 5 m mainly relate to the interest expense to the Group on the inter - segment loan . The decrease versus H 1 - 2025 is explained by a € 76 . 4 m waiver of the shareholder loan in H 1 - 2026 , reducing the outstanding principal amount from € 255 . 4 m to € 179 . 0 m . • The adjusted profit before tax, Group’s share improved to - € 4 . 7 m in H 1 - 2026 from - € 7 . 6 m in H 1 - 2025 thanks to the lower financial charges . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1-2025 H1-2026 Adjusted EBITDA 5.0 5.2 Change in working capital requirement -2.0 -4.8 Net capex -1.4 -1.5 Capital paid on lease liabilities -3.7 -3.1 Other -2.4 0.3 Trading cash flow -4.5 -3.8 Taxes paid - -0.3 Net interest paid -0.1 -0.2 Free cash flow -4.6 -4.3 Net debt (June 30 th ) 273.4 204.9 • Trading cash flow 1 improved to - € 3 . 8 m compared to - € 4 . 5 m in H 1 - 2025 , with free cash flow 1 slightly improving to - € 4 . 3 m . • Net debt stood at € 204 . 9 m (including € 186 . 8 m of inter - segment financing) as at June 30 th , 2026 compared to € 269 . 5 m (including € 255 . 4 m of inter - segment financing) as at December 31 st , 2025 . 1. Free Cash Flow = [Adjusted EBITDA +/ - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities – taxes paid – interest paid – acquisitions + disposals – cash - flow from adjusting items +/ - other cash items]
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Group Belron Automotive TVH PHE Moleskine Corporate Corporate and Unallocated
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture H1 - 2026 results 30 • “Corporate & Unallocated” mainly includes the corporate and real estate activities . • Adjusted operating result remained broadly stable from to - € 1 . 3 m in H 1 - 2025 to - € 1 . 4 m in H 1 - 2026 . • Adjusted profit before tax, Group’s share improved from - € 16 . 7 m in H 1 - 2025 to - € 8 . 5 m in H 1 - 2026 , primarily due to lower financial charges following the early repayment of the € 500 m Bridge Loan in June 2025 . D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 €m H1 - 2025 H1 - 2026 Adjusted operating result - 1.3 - 1.4 Adjusted net finance (costs)/income - 15.4 - 7.2 Adjusted PBT - 16.7 - 8.5 Adjusted PBT g.s. - 16.7 - 8.5
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Group Belron Automotive TVH PHE Moleskine Corporate Appendix
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Group Belron Automotive TVH PHE Moleskine Corporate 11 Heading and full chart Summary Robust H1 - 2026 results and FY - 2026 outlook confirmed 32 1. At 100% 2. At 50.3% (for both periods) 3. At 40% (for both periods) Group – H1 - 2026 Sales, Group’s share €6,086.0m ( - 0.4%, +0.7% at constant FX) Adjusted operating result, Group’s share €663.0m (+0.0%, +2.2% at constant FX) Adjusted PBT, Group’s share €482.4m (+6.6%, +8.4% at constant FX) Net debt position (Corp & Unallocated) €299.8m Belron Revenues 1 €3,573.5m (+4.7%, +8.3% at constant FX) • 7.3% organic, 0.7% from acquisitions, - 3.3% from negative FX • VGRR prime jobs growth of +0.4%, total jobs +3.9% YoY • Positive average value per job, contribution from ADAS recalibration (penetration rate: 52.1%) and VAPS (attachment rate: 24.8%) Adj . operating result 1 €820.3m (+12.3%, +16.5% at constant FX), with adjusted operating margin at 23.0% • Driven by strong operational execution and positive operating leverage Adj . PBT Group’s share 2 €308.2m (+28.6%) supported by operational performance and lower financial charges Automotive Revenues €2,268.5m ( - 10.8%) • N et Belgian new car market contracted by - 2.4% • Market share decline due to increasingly competitive environment • Negative price/mix evolution Adj . operating result €47.3m ( - 58.7%), with a material drop in adjusted operating margin to 2.1% • Volume evolution, negative price/mix effect, tighter distribution margins and negative operating leverage Adj . PBT Group’s share €36.4m ( - 66.6%) Moleskine Revenues €52.2m (+2.2%) • +6.2% organic thanks to good performance in the retail channel, as well as a recovery in Wholesale, mainly in the US Adj . operating result €0.7m ( - €0.2m YoY) • Explained by topline developments and slightly dilutive top - line mix Adj . PBT Group’s share - €4.7m, up from - €7.6m in H1 - 2025 thanks to lower financial charges Group – FY - 2026 outlook D’Ieteren Group maintains its guidance of low - to mid - single - digit YoY growth in adjusted PBT, Group’s share. Trends at D’Ieteren Automotive weakened throughout H1 - 2026 and are not expected to improve in H2 - 2026. The impact of this evolution is expected to be partially offset in H2 - 2026 at the adjusted profit before tax, Group’s share level, by the Group’s other businesses. This outlook assumes constant FX rates and excludes any additional impact from geopolitical tensions or additional increase in US trade tariffs, as well as the impact of PHE’s 51% stake in the two large Spanish distributors acquired at the end of May 2026. TVH Revenues 1 €894.8m (+5.3%, +7.7% at constant FX) • Supportive activity levels on volumes in almost all regions and all segments Adj . operating result 1 €122.7m (+1.3%, +3.7% at constant FX), with adjusted operating margin at 13.7% • Top - line growth partly offset by higher growth in cost of goods sold and freight costs, controlled growth in other operating expenses Adj . PBT Group’s share 3 €44.2m (+16.9%) PHE Revenues €1,609.9m (+10.4%) • Organic sales growth of 6.0% highlighting market share gains • 4.4% growth from acquisitions including €32.3m contribution from the 2 large AD Parts distributors in Spain acquired at the end of May 2026 Adj . operating result €154.7m (+16.6%), with adjusted operating margin at 9.6% • Positive operating leverage more than offsetting inflation on transport and personnel costs Adj . PBT Group’s share €106.8m (+18.4%) D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate H1 - 2026 results with comparative 2025 results 33 2025 and H1 - 2026 results at constant FX (rates prevailing at December 31 st , 2025) D’Ieteren Group – H1 - 2026 results – September 9 th , 2026 H1 2025a H2 2025a FY 2025a H1 2025a H2 2025a FY 2025a H1 2026a YoY H1 2026a YoY BELRON Sales 3,414.5 3,307.5 6,722.0 3,277.7 3,302.2 6,579.9 3,573.5 4.7% 3,548.6 8.3% Adjusted EBIT 730.2 805.8 1,536.0 699.5 801.5 1,501.0 820.3 12.3% 815.0 16.5% Adjusted PBT gs 239.6 278.4 518.0 231.0 276.4 507.4 308.2 28.6% 306.1 32.5% Group's share (%) 50.3% 50.3% 50.3% 50.3% 50.3% 50.3% 50.3% 50.3% EBIT margin (%) 21.4% 24.4% 22.9% 21.3% 24.3% 22.8% 23.0% 23.0% TVH Sales 849.7 818.8 1,668.5 826.9 817.9 1,644.8 894.8 5.3% 890.5 7.7% Adjusted EBIT 121.1 101.7 222.8 117.8 101.1 218.9 122.7 1.3% 122.1 3.7% Adjusted PBT gs 37.8 34.1 71.9 36.8 32.2 69.0 44.2 16.9% 43.8 19.1% Group's share (%) 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% EBIT margin (%) 14.3% 12.4% 13.4% 14.2% 12.4% 13.3% 13.7% 13.7% Adjusted PBT gs 452.4 503.2 955.6 442.8 499.2 942.0 482.4 6.6% 479.9 8.4% Reported FX 31/12/2025 FX 2026 Reported FX 31/12/2025 FX 2025
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Group Belron Automotive TVH PHE Moleskine Corporate Forward - looking statement 34 “To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward - looking . The achievement of forward - looking statements contained in this presentation is subject to risks and uncertainties because of a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations ; changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals ; regulatory approval processes and other unusual items . Consequently, actual results may differ materially from those expressed or implied by such forward - looking statements . Forward - looking statements can be identified by the use of words such as "expects", "plans", "will", "believes", "may", "could", "estimates", "intends", "targets", "objectives", "potential", and other words of similar meaning . Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated . The Company undertakes no obligation to publicly update any forward - looking statements . ” D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate 10 Heading and full picture Contact information 35 Stéphanie Voisin Head of Financial Communication stephanie.voisin@dieterengroup.com T. +32 2 536 54 39 M. +32 478 48 58 71 Anne - Catherine Zoller Head of ESG/Sustainability and Corporate Communication anne - catherine.zoller@dieterengroup.com T. +32 2 536 55 65 Investors Press www.dieterengroup.com Bram Geeroms Investor Relations and Treasury Manager bram.geeroms@dieterengroup.com T. +32 2 260 29 16 M. +32 486 02 99 34 D’Ieteren Group – H1 - 2026 results – September 9 th , 2026
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Group Belron Automotive TVH PHE Moleskine Corporate