Belron’s majority owner, the D’Ieteren Group, praised the company’s growth despite a “highly polarized market” in the group’s recently released 2024 annual report.
Belgium-based D’Ieteren Group published the report for investors in late April 2025. It outlines the company’s achievements in 2024 and reiterates the group’s 2024 financial results, which it released March 10.
The D’Ieteren Group achieved a record profit of approximately $1.2 billion profit in 2024, according to officials. Belron contributed roughly half of that.
“This is not a minor, symbolic achievement when compared to the couple of hundred million [dollars] we were generating less than a decade ago,” group CEO Francis Deprez says. “These records were achieved despite an increasingly turbulent and uncertain macroeconomic environment in which our business operated in 2024.”
Belron contributed about half the D’Ieteren Group’s 2024 profit. Graph provided by the D’Ieteren Group.
According to officials, Belron experienced this turbulence with “challenging insurance market conditions in the U.S.” “Very good traction” in Europe and the rest of the world gave Belron financial growth, officials say. Columbus, Ohio-based Safelite is Belron’s primary business in North America.
“Belron delivered a strong performance in 2024, achieving a record year for the business despite a challenging insurance market in the US,” says the United Kingdom-based company’s CEO, Carlos Brito.
The report says Belron completed 16.6 million repair, replacement and recalibration jobs in 2024, 4% more than in 2023. According to officials, the spread of Advanced Driver Assistance Systems (ADAS) capabilities in fleets “has continued to deliver strong incremental revenues for Belron” because those vehicles’ windshield-mounted cameras must be recalibrated after a replacement.
Belron has historically had high technician turnover rates, but the D’Ieteren Group report says the rate went down by an unspecified amount in 2024. According to the report, Belron also increased capacity in unnamed key markets.
The report also reviewed Belron’s extensive refinancing in 2024. Officials say the company “successfully refinanced” almost $5 billion of current term loads by issuing just over $9 billion in new debt. Proceeds from the refinancing “funded [an approximately $5 billion] distribution to shareholders.”
The D’Ieteren Group’s 2024 financial report said this refinancing contributed to Belron’s debt almost doubling between 2023 and 2024. Belron’s net financial debt was a little over $5 billion at the end of 2023 and almost $10 billion by the end of 2024.
Group officials say Belron should experience “mid-single-digit organic sales growth” in 2025 thanks to the price volume mix, the need for more ADAS recalibration and “modest volume growth.”
