Earnings release
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 1 / 22 202 6 Half - Year results Robust first half of the year FY - 2026 outlook confirmed Half - year 202 6 highlights D’Ieteren Group announces robust first semester results and confirms its full - year outlook . H1 - 2026 results reflect growth at all its businesses except at D’Ieteren Automotive , and a negative foreign exchange translation impact. The Group’s key performance indicator (KPI) – the adjusted profit before tax, Group’s share 1 – amounted to €482.4m, a 6.6% growth versus €452.4m in H1 - 2025 , notably supported by lower financial charges, or a n 8.4 % growth at constant foreign exchange (rates of December 31st, 2025). • Belron’s adjusted profit before tax, Group’s share 1 saw a significant increase YoY to €308.2m (+28.6% YoY), reflecting continued strong organic 5 top - line growth of 7.3% YoY and resulting in an expansion of the adjusted operating margin 1 to 23.0% (vs. 21.4% in H1 - 2025 ). Continued revenue growth momentum, increased profitability and margin expansion were underpinned by successful execution of strategic priorities. Financial charges also declined versus H1 - 2025. • D’Ieteren Automotive reported a - 66.6% decline in its adjusted profit before tax, Group’s share 1 to €36.4m, in a context of a challenging environment marked by negative volume and adverse price/mix effects. Profitability was further impacted by t ighter distribution margins and negative operating leverage (notably at D’Ieteren Automotive’s own retail operations). Sales were down by - 10.8% YoY, and its adjusted operating margin 1 declined materially to 2.1%. • PHE pursued its growth trajectory with an 18.4% increase in adjusted profit before tax, Group’s share 1 to €106.8m, including 1 month of contribution from the recently acquired 51% stakes in two Spanish distributors . This performance was driven by a solid top - line growth of 10.4% YoY, of which 6.0% organic 5 , highlighting continued market share gains. Adjusted operating profit margin 1 improved to 9.6%, with positive operating leverage more than offset t ing increased inflation on transport and personnel costs. • TVH posted a 16.9 % YoY increase in adjusted profit before tax, Group’s share 1 to €44.2m. This was driven by continued volume growth in its end - markets (+6.6% organic 5 sales growth ) , partly offset by the USD depreciation , translating into a total 5.3% YoY sales growth . Adjusted operating result increased by 1.3 % , top - line growth being partly offset by a higher growth in cost of goods sold and freight costs and controlled growth in other operating expenses. • Moleskine saw an improvement in its adjusted profit before tax, Group’s share 1 to - €4.7m (vs. - €7.6m in H1 - 2025) driven by lower financial charges and a n organic 5 sales growth of 6.2% YoY supported by a good performance in the retail channel, as well as a recovery in Wholesale, mainly in the US. • Corporate & Unallocated reported an adjusted profit before tax, Group’s share 1 of - €8.5m in H1 - 2026 versus - €16.7m in H1 - 2025, essentially explained by lower financial charges. The net financial debt position 3 of the segment at the end of June 2026 stands at €299.8m (€486.6m excluding inter - segment loan). • Trading cash flow 6 , Group’s share 1 increased by 12.0 % YoY to €539.0m. Free cash flow 6 Group’s share 1 stood at - €4 .1 m in H1 - 2026 . This reflects the cash spent on acquisitions at PHE, notably in Spain, largely compensated by an 89% increase YoY at Belron .
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 2 / 22 Outlook 202 6 D’Ieteren Group maintains its guidance of low - to mid - single - digit YoY growth in adjusted profit before tax, Group’s share 1 . T he 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 1 level by the Group’s other businesses . T his outlook assumes, for FY - 2025 and FY - 2026, foreign exchange rates that are in line with the rates that prevailed on December 31st, 2025 (i.e. EUR/USD of 1.17) and excludes any additional impact from geopolitical tensions or additional increase in US tra de tariffs , as well as the impact of PHE’s 51% stake in the two large Spanish distributors acquired at the end of May 2026 . Key developments in H1 - 20 2 6 - D’Ieteren Automotive’s management has announced to the Works Council, on September 3 rd , its intention to implement a transformation plan designed to adapt the company to the profound changes currently shaping the automotive and mobility market. If confirmed following the legally mandated information and consultation process, this project co uld result in the loss of 344 jobs. - As a result of lower - than - anticipated performance at its Retail operations, D’Ieteren Automotive conducted an impairment review resulting in the recognition, in H1 - 2026, of a €47.2m impairment charge, fully allocated to goodwill. - At the end of May 2026, PHE completed the acquisition of a 51% stake in the two Spanish distributors ( Polaris and Regueira ) . Together, these AD Parts distributors generated approximately €340m of sales in 2025 and further reinforce 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. - Following the impairment charge of €77.4m (net of tax) booked on Moleskine in H2 - 2025, D’Ieteren Group waived €76.4m of the shareholder loan in H1 - 2026, reducing the outstanding principal amount from €255. 4 m to €179.0m. This measure was taken to restore Moleskine's net equity to at least two - thirds of its share capital, in accordance with the Italian Civil Code. - Silvano Sala Tesciat took over the function of CFO of Moleskine on September 1 st . Silvano has more than 25 years of international CFO and interim CFO experience with leading organisations across Europe and the Middle East.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 3 / 22 Group Summary Consolidated sales under IFRS amounted to €3,9 3 0.6m ( - 3.0% YoY) . This figure excludes Belron and TVH. S ales, Group’s share 1 amounted to €6,086.0m ( - 0.4% YoY , +0.7% at constant exchange rates ) with Belron at 50.3% and TVH at 40% for both periods, with all businesses showing top - line growth except D’Ieteren Automotive. Sales, Group’s share 1 (€m) The consolidated profit before tax under IFRS reached €290.3m in H1 - 2026 (€296.1m in H1 - 2025). The key performance indicator, the adjusted consolidated profit before tax, Group’s share 1 , amounted to €482.4m, representing an increase of 6.6% versus €452.4m reported in H1 - 2025. At constant foreign exchange rates of December 31 st , 2025 for both years, growth in the adjusted profit before tax, Group’s share 1 was 8.4% YoY. Evolution of the adjusted 1 profit before tax, Group’s share 1 (€m) The Group’s share in the net result equalled €256.9m (€243.8m in H1 - 2025). The adjusted net profit, Group’s share 1 , reached €378.8m compared to €322.6m in H1 - 2025 (50.3% stake in Belron and 40% stake in TVH for both periods). Trading cash flow, Group’s share 1,6 was solid, at €539.0m in H1 - 2026 versus € 48 1.2 m in H1 - 2025 (restated) , mostly driven by Belron. Free cash flow, Group’s share 1,6 was impacted by the cash spent on acquisitions at PHE, notably in Spain, and stood at - €4 .1 m in H1 - 2026.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 4 / 22 Evolution of the free cash flow, Group’s share 1,6 (€m) The net financial debt position 3 of the Corporate & Unallocated segment at the end of June 2026 amounted to €299.8m (€486.6m excluding inter - segment loan) compared to €286.8m at the end of December 2025 (€542.2m excluding inter - segment loan s ). Comparative figures The following table provides H1 - 2026 figures and the H1 - 2025 comparative figures at December 31 st , 2025 exchange rates. 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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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 5 / 22 Belron Results Belron’s total sales (at 100%) increased by 4.7% ( or by 8.3% on a constant currency basis, using December 31 st , 2025 exchange rates ) to €3,573.5 m in H1 - 2026. This comprises strong organic 5 growth of 7.3% , 0.7% from acquisitions and a negative currency effect (mostly USD) of - 3.3%. Sales growth was driven by an increase in total job volume of 3.9% YoY ( this includ es VGRR prime jobs and recalibrations), favourable price/mix effect (including an increase in windscreen value) and a positive contribution from value - added products and services (VAPS). The recalibration penetration rate 7 increased t o 52.1% versus 45.9% in H1 - 2025 , with the VAPS attachment rate 8 at 24.6% ( 24.8% in H1 - 2025 ) . Belron delivered strong growth across regions. Organic 5 growth in North America (55% of total) was at 9.4% YoY, reflecting successful execution of strategic priorities and improving demand in the insurance segment. The Eurozone (32% of total) showed 4.4% organic 5 growth , while o rganic 5 sales growth was at 5.3% for the Rest of World (1 3 % of total). Operating result (at 100%) for the first half increased by 13.8% YoY to €734.0m with adjusted operating result 1 improved by 12.3% to €820.3m (16.5% at constant exchange rates) . The a djusted operating result 1 margin expanded 1 6 0bps to 23.0% from 21. 4 % in H1 - 2025 . This was driven by strong operational execution and positive operating leverage. Adjusting items 1 at the level of the operating result totalled - €86.3m (see details in the APMs section). The profit before tax increased to €526.1m in H1 - 2026 (€390.5m in H1 - 2025) and the adjusted profit before tax, Group’s share 1 was €308.2m , an increase of 28.6% from €239.6m in H1 - 2025, primarily driven by the strong operational performance, as well as lower financial charges related to repricing of the Term Loans, ongoing deleveraging and a leverage step - down credit booked in H1 - 2026 . Net debt and free cash flow F ree cash flow 6 (after tax ) amounted to €485.1m , growing 89% YoY (€256.8m in H1 - 2025). Th is was primarily driven by continued strong operating performance, a higher cash inflow from working capital, lower cash taxes ( including the use of tax credits ) and a lower cash outflow from adjusting items 1 . Cash conversion 9 also remained strong at 88.7%. Belron’s net financial debt 3 stood at €8,342.9m (100%) at the end of June 2026 , decreasing from €8,412.9m at the end of December 2025 . T he reduction was driven by the strong free cash flow 6 generation, partially offset by the FX impact on net debt, as well as €193.5m dividends paid (of which €102.6m to the Corporate and Unallocated segment), and increased lease liabilitie s. Belron’s Senior Secured Net Leverage Ratio (Senior Secured indebtedess 3 /proforma EBITDA post - IFRS 16 4 multiple) continued to decrease to 4.3x at the end of June 2026 compared to 4.5x at the end of December 2025.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 6 / 22 D’Ieteren Automotive Results The Belgian net new passenger car market’s registrations declined by - 2.4% YoY in the first half of 2026 to 225,107 units. D’Ieteren Automotive’s overall net market share declined to 2 1 . 5 % ( - 153bps YoY) due to an increasingly competitive environment. The total number of new vehicles , including commercial vehicles, delivered by D’Ieteren Automotive in H1 - 202 6 reached 48 , 637 units ( - 8.3 % YoY). The order book at end - June 202 6 stands at c.2 5 k vehicles. In this context, D’Ieteren Automotive’s external sales decreased by - 10.8% YoY to €2,268.5m, explained by decreasing volumes amplified by a negative price/mix evolution. O perating result stood at - €2.9m due to the recognition of a €47.2m impairment charge on Retail, fully allocated to goodwill, as a result of lower - than - anticipated operating performance. A djusted operating result 1 of €47.3m decreased by - 58.7% essentially due to a negative top - line trends , tighter distribution margins and negative operating leverage (notably at D’Ieteren Automotive’s own Retail operations) . Adjusting items 1 at the operating result level were at - €50.3m and include the aforementioned impairment charge on Retail (see details in the APMs section). Profit before tax was at - €14.1m and €36.4m ( - 66.7%) excluding adjusting items 1 . The adjusted profit before tax, Group’s share 1 declined by - 66.6% YoY to €36.4m. The contribution of the equity accounted entities amounted to €0.8m (from €0.2m in H1 - 2025). Net debt and free cash flow The free cash flow 6 (after tax) equalled - €33.9m in H1 - 2026 compared to - €47.4m in H1 - 2025. This YoY improvement is mainly attributable to a modest cash inflow from working capital versus a - €72.6m outflow in H1 - 2025, largely offset by the decline in adjusted 1 EBITDA 4 . D’Ieteren Automotive’s net financial debt 3 increased from €259.5m at the end of December 2025 to €409.0m at the end of June 2026, mainly driven by the distribution to the Corporate and Unallocated segment, the free cash flow 6 consumption of €33.9m, and a €16.5m increase in lease liabilities. D’Ieteren Automotive’s leverage ratio net financial debt 3 / LTM adjusted 1 EBITDA 4 was at 1.7x at the end of June 2026.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 7 / 22 PHE NB: The figures presented below represent D’Ieteren Group’s PHE segment, composed of PHE operating company and PHE’s holding company. Results PHE’s total sales increased by 10. 4 % YoY to €1,609.9m in H1 - 2026 . This solid growth comprises a 6.0% organic 5 growth and 4.4% from acquisitions , including one month of contribution (€3 2 . 3 m) of the 51% stakes acquired in two Spanish distributors (Polaris and Regueira), which closed at the end of May 2026 . France (57.0% of total) showed a 2.8% organic 5 growth and international activities’ (43.0% of total) organic 5 growth was 11.2%, highlighting continued market share gains. Operating result reached €126.2m in H1 - 2026 (+14.2% YoY). A djusted operating result 1 stood at €154.7m, representing a 16.6% growth YoY and an adjusted opera ting margin 1 of 9.6%. The positive operating leverage more than offset increased inflation on transport and personnel costs. Adjusting items 1 represented - €28.5m at the operating result level (see details in the APMs section). The profit before tax reached €87.2m and the adjusted profit before tax, Group’s share 1 amounted to €106.8m (+18.4% YoY). Net debt and free cash flow PHE’s trading cash flow 6 stood at €44.8m in H1 - 2026 compared to €66.0m in H1 - 2025, reflecting a higher working capital outflow (additional stock build and reduced factoring) and increased expansion capital expenditures, partly compensated by the increase in adjusted 1 EBITDA 4 . Free cash flow 6 of - €180.6m includes a significantly higher net amount spend on acquisitions (€148.5m), comprising the recent acquisition of the 51% stake in Polaris and Regueira in Spain. Net financial debt 3 according to D’Ieteren Group’s definition amounts to €1,394.0m at the end of June 2026, compared to €1,120.7m at the end of December 2025 , primarily driven by additional financing to fund acquisitions . This definition does not include the put options granted to non - controlling shareholders holding minority interests in some of PHE’s direct and indirect subsidiaries and the put options granted to minority investors (including management and several part ners and independent distributors), who invested alongside D’Ieteren Group in the holding company of PHE, up to a current combined ownership of c.9% ( see details in the APMs section ) . The leverage ratio net financial debt 3 / LTM EBITDA 4 (post - IFRS 16) was at 3. 5 x at the end of June 2026, from 3.0x at the end of December 2025.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 8 / 22 TVH Results TVH recorded total sales (at 100%) of €894.8 m in H1 - 2026, representing a 5.3% YoY growth (7.7% at constant exchange rates of December 31 st , 2025) . Total growth comprises 6.6% organic 5 growth , 0.9% external and - 2.2% related to currency translation impact. Activity levels on volumes remained supportive since the end of 2025 in all regions except the Middle - East, and all equipment markets. Operating result (at 100%) stood at €74.6m, and adjusted operating result 1 at €122.7m (+1.3% YoY , +3.7% at December 31 st , 2025 exchange rates ), representing an adjusted operating margin 1 of 13.7% from 14.3% in H1 - 2025, reflecting a higher growth in cost of goods sold and freight costs and controlled growth in other operating expenses. Adjusting items 1 at the operating result level totalled - €48.1m (see details in the APMs section). The profit before tax reached €61.8m in H1 - 2026 and the adjusted profit before tax, Group’s share 1 amounted to €44.2m, a 16.9% increase YoY versus €37.8m reported in H1 - 2025, driven by top - line trends, operational performance and lower net finance costs (H1 - 2025 net finance costs w ere negatively impacted by realised and unrealised foreign exchange losses) . Net debt and free cash flow Free cash flow 6 consumption of - €8.4m was impacted by investment in working capital of - €71.3m versus - € 22. 6m in H1 - 2025 (restated) , reflecting higher trade receivables on stronger sales and investments in inventory to guarantee product availability and service levels across regions. This evolution was partly compensated by a higher adjusted 1 EBITDA 4 . Trading cash flow 6 was at €41.7m. TVH net financial debt 3 (100%) amounts to €901.4m at the end of June 2026, compared to €852.5m at the end of December 2025. The increase compared to the 31 December 2025 is mainly explained by a free cash flow consumption of - €8.4m and dividends paid of - €37.5m (including - €15.0m to the Corporate & Unallocated segment).The leverage ratio net financial debt 3 / LTM adjusted 1 EBITDA 4 was at 3.2x versus 3.1x at the end of 2025.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 9 / 22 Moleskine Results Moleskine’s sales increased by 2.2% YoY in H1 - 2026 to €52.2m. This evolution comprises a 6.2% YoY organic 5 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. Operating result slightly declined versus H1 - 2025 to €0.7m. There are no adjusting items 1 at the operating result level. The profit before tax amounted to - €4.8m (from - €7.6m) and the adjusted profit before tax, Group’s share 1 stood at - €4.7m, improving from - €7.6m in H1 - 2025 thanks to the lower financial charges related to the €76.4m waiver on the shareholder loan . Net debt and free cash flow Free cash flow 6 slightly improved versus last year to - €4.3m in H1 - 2026. Moleskine’s net financial debt 3 decreased from €269.5m at 31 December 2025 to €204.9m at 30 June 2026, including €186.8m of inter - segment financing (vs. €255.4m at year - end 2025). The reduction was mainly due to a €76.4m waiver on the inter - segment financing linked to the impairment booked in H2 - 2025 , partially offset by €5.8m of capitalised interest on this inter - segment financing . Corporate and unallocated Results The adjusted operating result 1 of the segment “Corporate and Unallocated” (mainly Corporate and Real Estate activities) remained broadly stable vs. H1 - 2025 at - €1.4m in H1 - 2026. The H1 - 2026 reported operating result includes - €2.9m of adjusting items 1 mainly relating to the equity - settled share - based payment scheme (see details in the APMs section). Adjusted 1 net finance result evolved from - €15.4m in H1 - 2025 to - €7.2m in H1 - 2026, this evolution being mainly explained by the prepayment in June 2025 of the €500m 2 - year bridge loan raised at the end of 2024. Adjusting items 1 at the level of finance costs relate to the accelerated amortization of deferred financing costs following that early repayment.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 10 / 22 Adjusted profit before tax, Group’s share 1 improved from - €16.7m in H1 - 2025 to - €8.5m in H1 - 2026, mainly explained by the evolution in net financial result. Net debt The net financial debt 3 of the Corporate & Unallocated segment (including inter - segment financing loans) increased from €286.8m at 31 December 2025 to €299.8m at 30 June 2026. This was mainly driven by the dividend paid to D’Ieteren Group shareholders ( - €106.4m), share buybacks ( - €29.5m), free cash flow consumption ( - €25.9m) and a waiver on the inter - segment financing ( - €76.4m). These outflows were partly offset b y distributions from the D’Ieteren Automotive segment (€100.4m), the Belron segment (€102.6m) and the TVH segment (€15.0m), as well as €5.8m of capitalised interest on the inter - segment loan to the Moleskine segment.
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 11 / 22 Notes 1 In order to better reflect its underlying performance and assist investors in gaining a better understanding of its financial performance, D’Ieteren Group uses Alternative Performance Measures (“APMs”). These APMs are non - GAAP measures, i.e. their definiti ons are not addressed by IFRS. D’Ieteren Group does not present APMs as an alternative to financial measures determined in accordance wit h IFRS and does not give to APMs greater prominence than defined IFRS measures. See the definition of these performance indicators in the APMs appendix. 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 t he end customer. 3 The net financial debt is not an IFRS indicator. D’Ieteren Group uses this Alternative Performance Measure to reflect its ind ebtedness. This non - GAAP indicator is defined as the sum of the borrowings minus cash, cash equivalents and investments in non - curr ent and current financial assets. See details in the APMs section. 4 EBITDA is not an IFRS indicator. This APM (non - GAAP indicator) is defined as earnings before interest, taxes, depreciation and amortization. Since the method for calculating the EBITDA is not governed by IFRS, the method applied by the Group may not be the same a s that adopted by others and therefore may not be comparable. 5 “Organic growth” is an Alternative Performance Measure used by the Group to measure the evolution of revenue between two consecutive periods, at constant currency and excluding the impact of change in perimeter of consolidation or business acquis itions. 6 Free cash flow is not an IFRS indicator. This APM measure is defined as [Adjusted EBITDA - other non - cash items – change in working capital – capital expenditures – capital paid on lease liabilities = Trading cash flow – taxes paid – net interest paid – acquisitions + disposals – cash flow from adjusting items + other cash items = Free cash flow ] 7 Recalibration penetration rate is defined as the number of recalibration jobs divided by the number of windscreen replacement jobs. 8 Value - added products & services attachment rate is defined by the number of prime jobs including the sale of a value - added product or service. 9 Cash conversion is defined as trading cash flow over adjusted EBITDA. Auditor's Report “KPMG Réviseurs d’Entreprises represented by Grégory Gonzalez Rodriguez has reviewed the condensed consolidated interim financial statements of D’Ieteren Group SA/NV as of and for the six - month period ended June 30, 2026. Their review was conducted in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” and their unqualified review report dated September 9 , 202 6 is attached to the interim financial information.” Forward looking statements To the extent that any statements made in this press release 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 gene ral 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, regulato ry 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 upd ate any forward - looking statements. Conference Call D’Ieteren Group’s management will organise a conference call for analysts and investors starting today at 6:30pm CET. To connect to the webcast: use the following link . To participate in the conference call: • Pre - register yourself for this call using the following link . • After registration, you will obtain your personal audio conference call details (number and PIN code). End of press release
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PRESS RELEASE: 202 6 HALF - YEAR RESULTS R EGULATED I NFORMATION Wednesday 9 September 202 6 – 5:45 pm CET Rue du Mail 50 – 1050 Bruxelles (Belgium) | tel.: +32 2 536 54 39 VAT BE 0403.448.140 – Brussels RPM www.dieterengroup.com 12 / 22 D’Ieteren Group profile In existence since 1805, and across family generations, D’Ieteren Group (the Group) is an investment company seeking growth and value creation by building a family of businesses that reinvent their industries and search for excellence and meaningful impact . It currently owns the following businesses: • Belron (50.30% in fully diluted economic rights) is a worldwide leader in vehicle glass repair, replacement and recalibration. • D'Ieteren Automotive (100% owned) is the distributor of Volkswagen, Audi, SEAT, Škoda, Porsche , Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino and Maserati vehicles in Belgium and expanding into other mobility services. • PHE ( 91 % in share capital ) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy , Spain and Ireland . • TVH (40% owned) is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. • Moleskine (100% owned) develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. • D’Ieteren Immo (100% owned) groups together the Belgian real estate interests of D’Ieteren Group. Financial Calendar Last five press releases (with the exception of press releases related to the repurchase or sale of own shares) Next events 28 May 202 6 Q1 - 2026 Sales Trading Update 10 March 2027 2026 Full - Year Results 28 April 202 6 Invitation to the General Shareholders’ Meetings 27 May 2027 Annual General Meeting 10 April 202 6 PHE raises new financing 10 March 2026 2025 Full - Year Results 16 January 2026 Belron term loan repricing Contacts Francis Deprez, Chief Executive Officer Edouard Janssen, Chief Financial Officer Stéphanie Voisin, Head of Financial Co mmunication - Tel: + 32 (0)2 536.54.39 Bram Geeroms, Investor Relations and Treasury Manager – Tel: +32 (0)2 260.29.16 E - mail: financial.communication@dieterengroup.com – Website: www.dieterengroup.com
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APPENDIX TO THE PRESS RELEASE 13 / 22 Alternative Performance Measurement (APM) ---- Non - Gaap Measurement Framework and definitions In order to better reflect its underlying performance and assist investors, securities analysts and other interested parties in gaining a better understanding of its financial performance, the Group uses Alternative Performance Measures (“APMs”). These alt ernative performance metrics are used internally for analysing the Group’s results as well as its business units. These APMs are non - GAAP measures, i.e. their definition is not addressed by IFRS. They are derived from the audited IFRS accounts. The APMs may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and s hould not be considered in isolation or as a substitute for analysis of the Group’s performance or liquidity under IFRS. The Group does not present APMs as an alternative to financial measures determined in accordance with IFRS and does not give to APMs gr eater prominence than defined IFRS measures. Each line of the statement of profit or loss (see below), and each subtotal of the segment statement of profit or loss (see below), is broken down in order to provide information on the adjusted result and on the adjusting items. The adjusting items are identified by the Group in order to present comparable figures, giving to the investors a better view on the way the Group is measuring and managing its financial performance. They comprise the following items, but are not limited to: (a) Recognised fair value gains and losses on derivative financial instruments (i.e. change in fair value between the opening and the end of the period, excluding the accrued cash flows of the derivatives that occurred during the period), where hedge accou nting may not be applied under IAS 39/IFRS 9; (b) Exchange gains and losses arising upon the translation of foreign currency loans and borrowings at the closing rate; (c) Impairment of goodwill and other non - current assets; (d) Amortisation of intangible assets with finite useful lives recognised in the framework of the allocation as defined by IFRS 3 of the cost of a business combination; (e) Share - based payment and long - term incentive program expenses; (f) Other material items that derive from events or transactions that fall within the ordinary activities of the Group, and which individually or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence. Adjusted result consists of the IFRS reported result, excluding adjusting items as listed above. The Group uses as key performance indicator the adjusted consolidated result before tax, Group’s share ( Adjusted PBT, Group’s share). This APM consists of the segment reported result before tax (PBT), taking into account the result before tax of the discontinued operations, and excluding adjusting items and the share of minority shareholders.
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APPENDIX TO THE PRESS RELEASE 14 / 22 Presentation of the APMs in the consolidated statement of profit or loss for the 6 - month period ended 30 June €m 2026 2025 Total Of which Total Of which Adjusted result Adjusting items Adjusted result Adjusting items Revenue 3,930.6 3,930.6 - 4,052.0 4,052.0 - Cost of sales - 2,884.4 - 2,884.3 - 0.1 - 3,021.0 - 3,021.0 - Gross margin 1,046.2 1,046.2 - 0.1 1,031.0 1,031.0 - Commercial and administrative expenses - 887.7 - 855.0 - 32.6 - 823.8 - 788.0 - 35.8 Other operating income 47.3 46.0 1.4 28.4 26.2 2.2 Other operating expenses - 86.2 - 35.9 - 50.3 - 22.5 - 22.2 - 0.3 Operating result 119.7 201.3 - 81.7 213.1 247.0 - 33.9 Net finance costs - 62.6 - 64.4 1.8 - 74.2 - 68.8 - 5.4 Finance income 5.3 3.8 1.5 7.2 6.6 0.6 Finance costs - 67.9 - 68.2 0.3 - 81.4 - 75.4 - 6.0 Share of result of equity - accounted investees, net of income tax 233.2 281.4 - 48.1 157.2 204.9 - 47.7 Result before tax 290.3 418.3 - 128.0 296.1 383.1 - 87.0 Income tax expense - 27.7 - 35.0 7.2 - 50.0 - 58.2 8.2 Result from continuing operations 262.5 383.3 - 120.8 246.1 324.9 - 78.8 Discontinued operations - - - - - - RESULT FOR THE PERIOD 262.5 383.3 - 120.8 246.1 324.9 - 78.8 Result attributable to: Equity holders of the Company 256.9 378.8 - 121.9 243.8 322.6 - 78.8 Non - controlling interests 5.6 4.5 1.1 2.3 2.3 - Earnings per share Basic (€) 4.83 7.13 - 2.30 4.55 6.03 - 1.48 Diluted (€) 4.80 7.07 - 2.27 4.51 5.97 - 1.46 Earnings per share - Continuing operations Basic (€) 4.83 7.13 - 2.30 4.55 6.03 - 1.48 Diluted (€) 4.80 7.07 - 2.27 4.51 5.97 - 1.46
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APPENDIX TO THE PRESS RELEASE 15 / 22 Presentation of APMs in the segment statement of profit or loss for the 6 - month period ended 30 June The Group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH and PHE. The other segments are di sclosed in the category “Corporate & Unallocated” (D’Ieteren Group, corporate and real estate activities). These operating segments are consistent with the Group’s organisational and internal reporting structure, and with the requirements of IFRS 8 “Operating Segments”. Despite their classification as equity - accounted investees, Belron and TVH remain separate reportable operating segments, reflecting the Group’s internal reporting structure. €m 2026 D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated Eliminations Group External revenue 2,268.5 3,573.5 52.2 894.8 1,609.9 - - 4,468.3 3,930.6 Inter - segment revenue - - - - - - - - Segment revenue 2,268.5 3,573.5 52.2 894.8 1,609.9 - - 4,468.3 3,930.6 Operating result (being segment result) - 2.9 734.0 0.7 74.6 126.2 - 4.3 - 808.6 119.7 Of which Adjusted result 47.3 820.3 0.7 122.7 154.7 - 1.4 - 943.0 201.3 Adjusting items - 50.3 - 86.3 - - 48.1 - 28.5 - 2.9 134.4 - 81.7 Net finance costs - 11.9 - 207.9 - 5.5 - 12.8 - 39.6 - 5.7 220.7 - 62.6 Finance income 0.8 8.9 1.0 8.0 1.6 2.0 - 16.8 5.3 Finance costs - 12.7 - 216.8 - 0.6 - 20.7 - 41.2 - 13.4 237.5 - 67.9 Inter - segment financing interest - - - 5.8 - - 5.8 - - Share of result of equity - accounted investees, net of income tax 0.7 - - - 0.6 - 231.9 233.2 Result before tax - 14.1 526.1 - 4.8 61.8 87.2 - 10.0 - 355.9 290.3 Of which Adjusted result 36.2 612.7 - 4.8 110.6 115.4 - 8.5 - 443.2 418.3 Adjusting items - 50.3 - 86.6 - - 48.8 - 28.2 - 1.4 87.2 - 128.0 Income tax expense - 15.7 - 101.1 - 0.7 - 16.4 - 30.9 19.5 117.5 - 27.7 Result from continuing operations - 29.8 425.0 - 5.5 45.4 56.4 9.5 - 238.4 262.5 Of which Adjusted result 19.7 491.2 - 5.7 82.5 78.1 11.1 - 293.6 383.3 Adjusting items - 49.5 - 66.2 0.3 - 37.1 - 21.8 - 1.6 55.2 - 120.8 Discontinued operations - - - - - - - - RESULT FOR THE PERIOD - 29.8 425.0 - 5.5 45.4 56.4 9.5 - 238.4 262.5 Attributable to: D'Ieteren Automotive Belron ⁽ *⁾ Moleskine TVH ⁽ *⁾ PHE Corp. & unallocated Group Equity holders of the Company(*) - 29.7 213.8 - 5.4 18.1 50.5 9.5 256.9 Of which Adjusted result 19.9 247.1 - 5.6 33.0 73.3 11.1 378.8 Adjusting items - 49.5 - 33.3 0.3 - 14.8 - 22.8 - 1.6 - 121.9 Non - controlling interests - 0.2 - - 0.1 - 5.8 - 5.6 RESULT FOR THE PERIOD - 29.8 213.8 - 5.5 18.1 56.4 9.5 262.5 (*) Belron at 50. 30 % and TVH at 40.00% – see n ote 10 of t he 202 6 condensed consolidated interim financial statements.
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APPENDIX TO THE PRESS RELEASE 16 / 22 Presentation of APMs in the segment statement of profit or loss for the 6 - month period ended 30 June (continued) €m 2025 D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated Eliminations Group External revenue 2,542.1 3,414.5 51.0 849.7 1,458.9 - - 4,264.2 4,052.0 Inter - segment revenue 0.6 - - - - - - 0.6 - Segment revenue 2,542.7 3,414.5 51.0 849.7 1,458.9 - - 4,264.8 4,052.0 Operating result (being segment result) 106.3 644.8 0.9 74.4 110.5 - 4.6 - 719.2 213.1 Of which Adjusted result 114.7 730.2 0.9 121.1 132.7 - 1.3 - 851.3 247.0 Adjusting items - 8.4 - 85.4 - - 46.7 - 22.2 - 3.3 132.1 - 33.9 Net finance costs - 6.0 - 254.3 - 8.5 - 26.9 - 40.2 - 19.5 281.2 - 74.2 Finance income 3.3 9.6 0.1 3.3 1.3 2.5 - 12.9 7.2 Finance costs - 9.3 - 263.9 - 1.6 - 30.2 - 41.5 - 29.0 294.1 - 81.4 Inter - segment financing interest - - - 7.0 - - 7.0 - - Share of result of equity - accounted investees, net of income tax - - - - 0.1 - 157.1 157.2 Result before tax 100.3 390.5 - 7.6 47.5 70.4 - 24.1 - 280.9 296.1 Of which Adjusted result 108.6 476.4 - 7.6 94.6 94.0 - 16.7 - 366.2 383.1 Adjusting items - 8.3 - 85.9 - - 47.1 - 23.6 - 7.4 85.3 - 87.0 Income tax expense - 32.1 - 108.2 - 0.2 - 9.8 - 24.1 6.4 118.0 - 50.0 Result from continuing operations 68.2 282.3 - 7.8 37.7 46.3 - 17.7 - 162.9 246.1 Of which Adjusted result 75.5 348.4 - 7.8 73.8 63.8 - 11.4 - 217.4 324.9 Adjusting items - 7.3 - 66.1 - - 36.1 - 17.5 - 6.3 54.5 - 78.8 Discontinued operations - - - - - - - - RESULT FOR THE PERIOD 68.2 282.3 - 7.8 37.7 46.3 - 17.7 - 162.9 246.1 Attributable to: D'Ieteren Automotive Belron ⁽ *⁾ Moleskine TVH ⁽ *⁾ PHE Corp. & unallocated Group Equity holders of the Company(*) 68.5 142.0 - 7.8 15.1 43.7 - 17.7 243.8 Of which Adjusted result 75.8 175.3 - 7.8 29.5 61.2 - 11.4 322.6 Adjusting items - 7.3 - 33.3 - - 14.4 - 17.5 - 6.3 - 78.8 Non - controlling interests - 0.3 - - - 2.6 - 2.3 RESULT FOR THE PERIOD 68.2 142.0 - 7.8 15.1 46.3 - 17.7 246.1 (*) Belron at 50. 30 % and TVH at 40% – see no te 10 o f the 202 6 condensed consolidated interim financial statements. In both periods, the columns “Eliminations” reconcile the segment statement of profit or loss (with the 6 - month results of Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (wi th the net results of Belron and TVH presented in the line “share of result of equity - accounted investees, net of income tax”, representing the share of the Group in the 6 - month net results of Belron and TVH).
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APPENDIX TO THE PRESS RELEASE 17 / 22 Explanations and details of the figures presented as adjusting items €m 2026 D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated Total (segment)* Adjusting items Included in operating result - 50.3 - 86.3 - - 48.1 - 28.5 - 2.9 - 216.0 Re - measurements of financial instruments - 3.9 (4) - - - - 3.9 Amortisation of customer contracts - - 15.8 (5) - - 22.3 (10) - 15.6 (13) - - 53.7 Amortisation of brands with finite useful life - - 5.8 (6) - - - - - 5.8 Amortisation of other intangibles with finite useful life - - 1.1 (7) - - 16.6 (10) - - - 17.7 Impairment of goodwill and of non - current assets - 47.2 (1) - - - - - - 47.2 Share - based payment and long - term incentive program expenses - - 25.9 (8) - - 2.1 (11) - 1.0 (14) - 2.3 (17) - 31.3 Other adjusting items - 3.1 (3) - 41.6 (9) - - 7.2 (12) - 11.9 (15) - 0.6 - 64.3 Included in net finance costs - - 0.3 - - 0.7 0.3 1.5 0.8 Re - measurements of financial instruments - - - - 0.3 (16) 1.5 (18) 1.8 Other adjusting items - - 0.3 - - 0.7 - - - 1.0 Included in equity accounted result - - - - - - - Included in segment result before taxes (PBT) - 50.3 - 86.6 - - 48.8 - 28.2 - 1.4 - 215.3 * Total of the adjusting items at the level of each segment. The adjusting items presented in the Belron & TVH segments should be deducted from this total to reconcile with the Group figures reported in the segment statement of profit or loss.
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APPENDIX TO THE PRESS RELEASE 18 / 22 Explanations and details of the figures presented as adjusting items (continued) €m 2025 D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated Total (segment)* Adjusting items Included in operating result - 8.4 - 85.4 - - 46.7 - 22.2 - 3.3 - 166.0 Re - measurements of financial instruments - - 0.2 (4) - - - - - 0.2 Amortisation of customer contracts - - 16.0 (5) - - 23.6 (10) - 15.2 (13) - - 54.8 Amortisation of brands with finite useful life - - 3.2 (6) - - - - - 3.2 Amortisation of other intangibles with finite useful life - - 1.9 (7) - - 15.3 (10) - - - 17.2 Impairment of goodwill and of non - current assets - - - - - - - Share - based payment and long - term incentive program expenses - 4.4 (2) - 51.2 (8) - - 3.1 (11) - 0.2 (14) - 3.3 (17) - 62.2 Other adjusting items - 4.0 (3) - 12.9 (9) - - 4.7 (12) - 6.8 (15) - - 28.4 Included in net finance costs 0.1 - 0.5 - - 0.4 - 1.4 - 4.1 - 6.3 Re - measurements of financial instruments 0.1 - - - 0.4 - 1.4 (16) - 0.9 (18) - 2.6 Other adjusting items - - 0.5 - - - - 3.2 (19) - 3.7 Included in equity accounted result - - - - - - - Included in segment result before taxes (PBT) - 8.3 - 85.9 - - 47.1 - 23.6 - 7.4 - 172.3 * Total of the adjusting items at the level of each segment. The adjusting items presented in the Belron & TVH segments should be deducted from this total to reconcile with the Group figures reported in the segment statement of profit or loss.
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APPENDIX TO THE PRESS RELEASE 19 / 22 Explanations and details of the figures presented as adjusting items (continued) D’Ieteren Automotive (1) A s a result of lower - than - anticipated operating performance at Retail , management of D’Ieteren Automotive conducted an impairment review of the goodwill and intangible assets allocated to the Retail CGU. The assessment resulted in the recognition of a €47.2 m impairment charge in the current period , fully allocated to goodwill. Refer to note 9 of the 2026 condensed consolidated financial statements for more information. (2) In the prior period, t he cash - settled share - based payment expense recognised as part of the Long - Term Incentive Plan (LTIP) amount ed to - €4.4m. There is no share - based payment expense recognised in 2026. ( 3 ) In both periods , other adjusting items in operating result mainly include fees from system integrators in relation to the finance transformation program initiated in 2023. Belron (4) Fair value of fuel hedge instruments amounts to €3.9m ( - €0.2m in the prior period) and arises from changes in the “clean” fair value of derivatives. Change s in the “clean” fair value of derivatives corresponds to the change of “dirty” fair value (i.e. the change of value between the opening and the end of the period) excluding the accrued cash flows of the derivatives that occurred during the period. (5) In the framework of acquisitions, certain customer contracts were recognised as intangible assets with a finite useful life. The amortisation amounts to - €15.8m in the current period and - €16.0m in the prior period. These customer contracts are mostly reco gnised in the US. (6) The amortisation of brands with finite useful lives (certain brands are no longer considered to be intangibles with indefinite useful lives since there is now a limit to the period over which these assets are expected to generate cash inflows) amounts to - €5.8m ( - €3.2m in the prior period). (7) The amortisation of other intangible assets with finite useful lives (mostly franchise agreements recognized on acquisitions) amounts to - €1.1m ( – €1.9m in the prior period). (8) S hare - based payment and long - term incentive program expenses are related to rew ard schemes awarded by the Board of Directors of Belron: (a) In December 2021 ( restricted share units - ‘RSUs’ ) : expense of - € 14 . 0 m, of which - € 11 . 6 m of share - based payment charge and - € 2 . 4 m of associated payroll taxes ( - € 17 . 2 m in the prior period, of which - € 14 . 2 m of share - based payment charge and - € 3 . 0 m of associated payroll taxes); (b) In December 2024 (share - based payment and cash - based components) : i. Under the share - based component of that scheme, RSUs are granted to participants and conditional to the participants remaining in the employ of Belron. The total share - based payment expense recognised in 202 6 amounts to - € 6 . 7 m ( - €1 0 . 8 m in the prior period ). ii. The cash - based component of that scheme consists in a cash bonus payable in two equal instalments in December 2025 and December 2026. The majority of the p articipants forfeit their benefit entitlement if they leave the employ of Belron before an instalment payment date. The first instalment of €30.3m have been paid to recipients in December 2025. The total expense recognised in 202 6 amounts to - €3. 5 m ( - € 18 . 8 m in the prior period ). Payroll taxes associated to that new scheme amounts to - € 1 . 6 m ( - € 4 . 4 m in the prior period). These transactions have and will have no economic impact on the Group and on the 50.30% fully diluted stake held by the Group in Belron at 3 0 June 202 6 . (9) In the current period, other adjusting items of - €41.6m mainly include - €22.1m of fees from system integrators in relation to t echnology projects , - €8.4m of restructuring and integration costs (mainly in the US), and - €3.7m of IT dual - running co s ts in the US. In the prior period, other adjusting items of - €12.9m mainly include - €4.0m of fees from system integrators in relation to the business transformation program and - €9.1m of warehouse closure and dual running costs in the United States. TVH (10) In both periods, the amortisation of customer contracts and other intangible assets with finite useful lives recognised as part of the purchase price allocation finalised by the Group in t he second half of 2022 amounts to - €22.3m and - €15.3m, respectively. The remaining - €1.2m ( - €1.3m in the prior period) relates to amortisation of customer contracts recognized following business combinations performed by TVH. (11) The provision for the Long - Term Incentive Program (LTIP) amounts to - €2.1m ( - €3.1m in the prior period). (12) Other adjusting items in operating result include - €1.7m of fees from system integrators in relation to the IT and business transformation programme ( - €2.9m in the prior period), and - € 5.5 m of loss es linked to disposal s and write - offs of assets . In the prior period, it included - € 1.8m of restructuring fees. PHE (1 3 ) Following the purchase price allocation finalised by the Group on acquisition of PHE, custo mer relationships have been recognised as intangible assets with finite useful lives. The amortisation amounts to - €12.6m ( - €12.9m in the prior period). The remaining - €3.0m ( - €2.3m in the prior period) relates to the amortisation of customer contracts ide ntified as intangible assets with finite useful lives following the acquisitions performed by PHE since the closing of the acquisition by the Group on the 4 th of August 2022.
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APPENDIX TO THE PRESS RELEASE 20 / 22 Explanations and details of the figures presented as adjusting items (continued) (1 4 ) The cash - settled share - based payment expense ( - €1.0m in the period; - €0.2m in the prior period) mainly includes the revaluation of free shares granted to PHE’s key managem ent personnel as part of the Management Reward Plan . Refer to note 9 of the 202 5 consolidated financial statements for more information. (1 5 ) In both periods, other adjusting items in operating result mainly include costs related to the business and IT transformation programme. In 2026 it also includes acquisition costs related to the acquisitions closed in Spain. (1 6 ) In both periods, the re - measurement of financial instruments are mainly related to the change in fair value of interest rate swaps and contingent considerations. Corporate & unallocated (1 7 ) In both periods, the share - based payment and long - term incentive program expenses mainly relate to the equity - settled share - based payment scheme, whereby share options are granted to officers and managers of the Corporate & unallocated segment. (1 8 ) In both periods, the re - measurement of financial instruments relate to the change in fair value of interest rate swaps put in place on the €500m Senior Secured Term Loan. ( 19 ) In the prior period, other adjusting items in net finance costs related to the accelerated amortization of deferred financing costs following the early repayment in full of the €500m Senior Secured Bridge Loan in June 2025. Key Performance Indicator ( adjusted PBT, Group’s share) €m 2026 2025 D'Ieteren Automotive Belron (50.30%) Moleskine TVH (40%) PHE Corp. & unallocated Total (segment) D'Ieteren Automotive Belron (50.30%) Moleskine TVH (40%) PHE Corp. & unallocated Total (segment) Segment reported PBT - 14.1 526.1 - 4.8 61.8 87.2 - 10.0 646.2 100.3 390.5 - 7.6 47.5 70.4 - 24.1 577.0 Less: adjusting items in PBT 50.3 86.6 - 48.8 28.2 1.4 215.3 8.3 85.9 - 47.1 23.6 7.4 172.3 Segment adjusted PBT 36.2 612.7 - 4.8 110.6 115.4 - 8.5 861.4 108.6 476.4 - 7.6 94.6 94.0 - 16.7 749.3 Share of the Group in tax on adjusted results of equity - accounted investees 0.1 - - - 0.2 - 0.3 0.2 - - - - - 0.2 Share of third parties in adjusted PBT 0.2 - 304.5 0.1 - 66.3 - 8.7 - - 379.3 0.3 - 236.8 - - 56.8 - 3.8 - - 297.1 Adjusted PBT, Group's share (key performance indicator) 36.4 308.2 - 4.7 44.2 106.8 - 8.5 482.4 109.1 239.6 - 7.6 37.8 90.2 - 16.7 452.4 In both period s , the percentage used for computing the segment adjusted PBT, Group’s share of Belron amounts to 50. 30 %. See no te 10 of t he 202 6 condensed consolidated interim financial statements.
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APPENDIX TO THE PRESS RELEASE 21 / 22 Net financial debt In order to better reflect its indebtedness, the Group uses the concept of net financial debt. This non - GAAP measure, i.e. its definition is not addressed by IFRS, is an Alternative Performance Measure (“APM”) and is not presented as an alternative to financial measures determined in accordance with IFRS. Net financial debt is based on loans and borrowings less cash, cash equivalents and non - current and current asset investments. It excludes the fair value of derivative debt instruments. The hedged loans and borrowings (i.e. those that are accounted for in accordance wit h the hedge accounting rules of I FRS 9 ) are translated at the contractual foreign exchange rates of the related cross currency swaps. The other loans and borrowings are translated at closing foreign exchange rates. €m 30 June 2026 31 December 2025 D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated D'Ieteren Automotive Belron (100%) Moleskine TVH (100%) PHE Corp. & unallocated Non - current loans and borrowings 276.4 8,646.8 14.4 658.2 1,402.8 613.4 83.7 8,431.2 12.9 651.1 1,124.0 612.6 Current loans and borrowings 148.9 245.5 6.8 302.7 156.6 2.0 227.3 249.8 8.3 250.3 174.3 3.7 Inter - segment financing - - 186.8 - - - 186.8 - - 255.4 - - - 255.4 Gross financial debt 425.3 8,892.3 207.9 960.9 1,559.4 428.6 311.0 8,681.0 276.6 901.4 1,298.2 361.0 Less: cash and cash equivalents - 15.7 - 549.4 - 3.1 - 59.4 - 165.3 - 123.4 - 50.8 - 268.1 - 7.2 - 48.8 - 177.5 - 69.3 Less: current financial investments - 0.0 - - - 0.1 - - - - - - 0.1 - - Less: other non - current assets - 0.6 - - - - - 5.3 - 0.7 - - - - - 4.8 Total net financial debt 409.0 8,342.9 204.9 901.4 1,394.0 299.8 259.5 8,412.9 269.5 852.5 1,120.7 286.8 Inter - segment financing relates to the non - recourse acquisition loan granted by the Corporate & Unallocated segment to the Moleskine segment. The outstanding balance decreased by €68.6m compared to 31 December 2025, mainly due to a €76.4m debt waiver, partially offset by €5.8m of capitalised interest. D’Ieteren Automotive D’Ieteren Automotive’s net financial debt increased from €259.5m at 31 December 2025 to €409.0m at 30 June 2026, mainly driven by the €100.4m dividend paid to the Corporate & Unallocated segment, free cash flow consumption of € 33 . 9 m, and a €16.5m increase in lease liabilities. The free cash flow consumption mainly reflects adjusted EBITDA of €89.9m and a €8.2m working capital inflow, more than offset by lease liability repayments ( - €28.3m), net capex ( - €12.8m), net interest paid ( - €12.8m), taxes paid ( - €11.6m), acquisitions ( - €8.1m), and the cash outflow s from adjusting items ( - €51.9m). Belron Belron’s net financial debt stood at €8,342.9m at the end of June 2026, down €70.0m from €8,412.9m at the end of December 2025. This decrease was primarily driven by a strong free cash flow generation of €485.1m , partially offset by the foreign exchange impact on cash and external debt ( - €141.3m, mainly reflecting the stronger USD and its effect on the EUR value of USD - denominated borrowings), dividends paid ( - €193.5m, including - €102.6m to the Corporate & Unallocated segment), and changes in lease liabilities ( - €84.0m). The free cash flow was supported by €984.8m of adjusted EBITDA and a €58.7m inflow from change in net working capital, partly offset by financial charges ( - €226.0m), lease repayments ( - €116.3m), tax payments ( - €72.4m), net Capex ( - €53.6m), acquisitions ( - €44.6m), and cash outflows from adjusting items ( - €45.8m), mainly related to transformation programme system integration fees, acquisition and restructuring costs.
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APPENDIX TO THE PRESS RELEASE 22 / 22 Moleskine Moleskine’s net financial debt decreased from €269.5m at 31 December 2025 to €204.9m at 30 June 2026, including €186.8m of inter - segment financing (vs. €255.4m at year - end 2025). The reduction was mainly driven by a €76.4m waiver on the inter - segment financing , partially offset by €5.8m of capitalised interest. TVH The net financial debt of TVH amounts to €901.4m at the end of June 2026, compared to €852.5m at the end of December 2025. The increase compared to the 31 December 2025 is mainly explained by a free cash flow consumption of - €8 .4 m and dividends paid of - €3 7.5 m (including - €15 .0 m to the Corporate & Unallocated segment). PHE PHE’s net financial debt increased to €1,394.0m at 30 June 2026 from €1,120.7m at 31 December 2025. The €273.3m increase was primarily driven by free cash flow consumption (€180.6m) and higher lease liabilities (€76.7m). Free cash flow consumption reflected adjusted EBITDA of €211.4m, more than offset by working capital outflows ( - €99.8m), net capex ( - €35.1m), lease repayments ( - €29.6m), interest ( - €38.2m), taxes ( - €27.9m), and the acquisition - related cash outflows following the two acquisitions in Spain ( - €148.5m). PHE’s net financial debt excludes the put options granted to non - controlling shareholders holding minority interests in some of PHE’s direct and indirect subsidiaries (valued at €307.4m at 30 June 2026 and €119.1m at 31 December 2025) and the put options g ranted to minority investors (including management and several partners and independent distributors), who invested alongside D’Ieteren Group in the holding company of PHE, up to a current combined ownership of c.9% (valued at €194.0m at 30 June 202 6 and €196.2m at 31 December 2025). Corporate & unallocated The net financial debt of the Corporate & Unallocated segment (including inter - segment financing loans) increased from €286.8m at 31 December 2025 to €299.8m at 30 June 2026. This was mainly driven by the dividend paid to D’Ieteren Group shareholders ( - €106.4m), share buybacks ( - €29.5m), free cash flow consumption ( - €25.9m) and a waiver on the inter - segment financing ( - €76.4m). These outflows were partly offset by dividends received from the D’Ieteren Automotive segment (€100.4m), the Belron segment (€102.6m) and the TVH segment (€15.0m), as well as €5.8m of capitalised interest on the inter - segment loan to the Moleskine segment.