D’Ieteren Group, Owner of Belron, Boasts 2023 Financial Success

On March 5, 2024, D’Ieteren Group held a conference call presenting the results of its 2023 financial year, displaying solid growth.

D’Ieteren Group is a Belgium-based company that maintains a portfolio of businesses including Belron, D’Ieteren Automotive, D’Ieteren Immo, Moleskine, Parts Holding Europe (PHE) and TVH.

D’Ieteren Group reports Belron played a major part in its financial success for 2023. Belron is one of the lead companies dealing in auto glass repair, replacement and recalibration worldwide. The company operates a number of auto glass brands, including Safelite in the United States, Autoglass in the United Kingdom, and Carglass in Europe at large.

Belron’s sales increased to approximately $6.6 billion in 2023, an 8.5% improvement. This is the result of 9% organic growth, a 1.9% contribution from acquisitions as well as -2.4% from a negative currency effect in exchange rates.

North America makes up 58% of Belron’s sales and was responsible for a 5.1% organic growth in 2023. The European market provides 29% of Belron’s sales and the rest of the world provides 13%. They were responsible for 13.9% organic growth and 16.4% organic growth, respectively.

The CEO of D’Ieteren Group, Francis Deprez, noted that both the increasing value of auto glass repair and replacement work plus the increase in the number of ADAS recalibrations per windshield replacement contributed to Belron’s sales growth for 2023. He reported that ADAS recalibrations per windshield replacement increased from 30.4% in 2022 to 36.4% in 2023.

Although the 2023 acquisitions by Safelite, one of Belron’s brands, were not discussed on the call, the financial report noted that their “adjusting items” included approximately -$36.9 million in amortization of customer contracts as part of recent acquisitions, primarily in the United States and Italy. Another “adjusting item” listed was approximately -$7 million for “acquisition-related costs.”

In a Q&A segment at the end of the call, it was noted that the technician turnover rate in the United States was lower in 2023 than in prior years for Belron.

When measured by adjusted consolidated profit before tax, in 2023 D’Ieteren Group’s profit increased by 28.1% from the previous financial year. Deprez projects Belron will produce good financial results again in 2024.

This article is from glassBYTEs™, the free e-newsletter that covers the latest auto glass industry news. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Auto Glass Repair and Replacement (AGRR) magazine in print or digital format are available. Subscribe at no charge HERE.

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2 Responses to D’Ieteren Group, Owner of Belron, Boasts 2023 Financial Success

  1. Dave dupoint says:

    Is that including the insurance fraud ?

  2. SEAN says:

    Legislation changes has forced smaller companies out of business so Safelite can scoop up more business. Shameful!

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