D'ieteren Group Sa/nv · EURONEXT:DIE
D'ieteren Group Sa/nv — Investor Day (May 2025)
41 slides from D'ieteren Group Sa/nv's investor day presentation, May 14, 2025
Slide 1: D'Ieteren Group Investor Day 2025 - Belron
D’Ieteren Group Investor Day 2025 Belron Carlos Brito, CEO Humphrey Singer, CFO D’Ieteren Group Investor Day 2025
Slide 2: Agenda
Agenda 1. Purpose & who we are 2. We are unique 3. We grow 4. We unlock opportunities 5. We are ambitious and we create value D’Ieteren Group Investor Day 2025 2
Slide 3: A Purpose led Business with strong people values
A Purpose led Business with strong people values The natural choice for our services Caring Collaborative Customer Driven People Powered Making a memorable difference with care Socially Responsible Financially Strong Spirit of Belron & Responsible Business Dream Inspiring Leadership D’Ieteren Group
Slide 4: A global leader in VGRRR & VAPS
A global leader in VGRRR & VAPS 3 service areas with strongly positive underlying tailwinds of value growth Vehicle Glass Repair and Replacement Services VAPS Recalibration Belron’s core Vehicle Glass Repair Significant growth driver Significant cross-sell opportunity and Replacement services Replac
Slide 5: A global leader in VGRRR & VAPS
A global leader in VGRRR & VAPS • Operations across 3 regions: North America, Eurozone and Rest of the World (RoW) • Presence in 40 countries: 21 countries with corporate businesses and 19 countries with franchises • A market leader in all key countries of operation • Continued geographic expansion
Slide 6: Agenda
Agenda 1. Purpose & who we are 2. We are unique 3. We grow 4. We unlock opportunities 5. We are ambitious and create value D’Ieteren Group Investor Day 2025 6
Slide 7: Belron winning formula
Belron winning formula A highly differentiated B2B2C value proposition making Belron the natural choice - Superior CX through seamless - Long-term and trusted technology relationships with key insurers - Service & technical excellence - Value and innovative solutions 1 Deliver exceptional customer s
Slide 8: Delivering an exceptional service and experience for customers
1 Delivering an exceptional service and experience for customers The 360° Customer experience – solving People’s problems with care… 2 24hr 1. Customer-oriented digital solutions 2. Customer chooses Branch or for job booking Mobile(1) 3 1 1 3. Technicians complete the job using 4. Positive experienc
Slide 9: Trusted partner of choice for insurers
2 Trusted partner of choice for insurers Belron’s clear value proposition to insurers… Lower Claims Costs Higher Policyholder Enhanced Renewal Greater Transparency (“Repair first policy”) Satisfaction Propensity Driving long-term & trusted relationships with major key insurers across countries of op
Slide 10: Global scale – procurement & supply chain
3 Global scale – procurement & supply chain Global scale driving supply quality & availability and optimised supply chain network Balanced supply profile & global scale Supply chain excellence Tier 1 Supply Partners #2 Integrated distribution network largest1 vehicle glass buyer across the globe ena
Slide 11: Belron Technical
4 Belron Technical Best in class industry expertise and innovation whilst ensuring highest standards of service and safety across Belron Future Glass ADAS Belron Way Tool ADAS Trends Research Research of Fitting Innovation Innovation Staying ahead of Continuous glass Continuous ADAS Custodians of th
Slide 12: People: a unique culture 100 years in the making
People: a unique culture 100 years in the making Strong values & employee engagement… … Exemplified in the ‘Best of Belron’ • Biennial competition involving the best Technicians from more than 30 countries • High profile celebration & recognition of the skills of all Belron Technicians in front of 1
Slide 13: Leadership: team culture, ambition & performance
Leadership: team culture, ambition & performance Exceptional GLTM team and very strong regional & country teams drive ambition and performance Global Leadership Team (GLTM) Carlos Brito Humphrey Singer CEO CFO • Previously: CEO at AB InBev • Previously: CFO Marks & Spencer, • Started as CEO in March
Slide 14: Agenda
Agenda 1. Purpose & who we are 2. We are unique 3. We grow 1. Organic growth drivers incl. windscreen complexity and technology increase 2. Recalibration, VAPS and bolt-on M&A as accelerators of performance 3. Best-in-class financial profile with strong resilience 4. We unlock opportunities 5. We ar
Slide 15: Vehicle Glass Repair and Replacement segment growth
Vehicle Glass Repair and Replacement segment growth 3.1. Global Vehicle Glass Repair and Replacement market size, 2011A-2031E $bn 59 62 43 31 34 24 26 28 26 28 21 23 17 2011A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E 2023E 2026E 2030E 2031E VGRR volume drivers VGRR value drivers Car parc & mil
Slide 16: Windscreen complexity increase driven by technology
Windscreen complexity increase driven by technology 3.1. The 1990s windscreen The 2020 windscreen Rain sensor ADAS bracket Smaller total surface area 60% fitment 23% fitment Minimal technical complexity Encapsulation Heated 53% fitment 12% fitment More simple curvature of glass Low/no encaps
Slide 17: Continued penetration of ADAS in global car parc
Continued penetration of ADAS in global car parc 3.2. ADAS front facing camera penetration in the Car Parc ADAS is driving demand for recalibration services • ADAS uses cameras mounted behind the windscreen to view the road ahead • Cameras must be recalibrated after a replacement to ensure proper op
Slide 18: Value-Added Product & Services also driving growth
Value-Added Product & Services also driving growth 3.2. VAPS examples VAPS is a high potential cross-sell to delight customers • VAPS is an initiative to upsell on the VGRRR service at the time of job execution Windscreens • Customer insight work shows that VAPS substantially boosts Customer delight
Slide 19: Strong and resilient financial profile
Strong and resilient financial profile 3.3. Resilient growth compounder with 20+ years of consistent revenue growth Revenues, €bn 6.5 6.0 5.6 4.6 4.2 3.8 3.9 3.3 3.5 3.2 2.8 2.8 2.7 2.8 2.8 2.2 2.4 2.0 1.3 1.5 0.8 0.9 1.0 1.1 1.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 20: Continued improvement on all key financial parameters
Continued improvement on all key financial parameters 3.3. 2021 2024 2021 – 2024 CAGR / Δ ▲€1.8bn Growth and market share gains Revenue €4.6bn €6.5bn 11.6% / 1.4x in VGRRR Adj. EBITDA(1) €1.2bn €1.7bn 14.1% Margin %(1) 25% ▲€0.6bn 27% Significant focus on operational improvement, penetration in ADAS
Slide 21: Belron's proven track-record of rapid deleveraging and shareholder distribution
Belron’s proven track-record of rapid deleveraging and 3.3. shareholder distribution Net Leverage (x)(1) Aug-22 Dec-23 Distribution: Distribution: Oct-24 €411m €363m Nov-18 Nov-19 Apr-21 Distribution: Oct-21 €4,276m Distribution: Distribution: Distribution: May-23 €400m €850m €1,462m Distribution: D
Slide 22: Agenda
Agenda 1. Purpose & who we are 2. We are unique 3. We grow 4. We unlock opportunities 5. We are ambitious and create value D’Ieteren Group Investor Day 2025 22
Slide 23: Our core strategic priorities
Our core strategic priorities Strategic priorities enabled by continuing improvement in technological capability 1 Insurance segment strategy Successful commercial strategies 2 Commercial segment strategy in all relevant VGRRR segments 3 Cash segment strategy Technology as an enabler 4 Deliver core
Slide 24: Insurance segment strategy
1.1 Insurance segment strategy We will continue to enhance our service and strengthen our Insurance Partnerships Current strong value proposition… …continuously enhanced for our Key Accounts Belron has strong relationships with insurers driven by a Continued innovation to improve service offer consi
Slide 25: Cash segment strategy (US market)
2. 2 Cash segment strategy (US market) “ The Cash segment represents a large opportunity Completed Jobs by Segment (US) We are focusing where it matters: ~33% Commercial Strong and trusted brands Targeted Advertising The technician was easy to communicate with showed up right on time, and comple
Slide 26: Commercial segment strategy
3 Commercial segment strategy Commercial is made of several sub-segments with different characteristics Lease Fleet Rental Car Networks Trucks Companies that lease Multiple vehicles Short term rental, multiple Businesses selling new Heavy Goods Vehicles vehicles to companies purchased/leased by outl
Slide 27: Commercial segment strategy
3 Commercial segment strategy Higher ADAS penetration in Commercial segment • We are developing & executing tailored value propositions which meet the distinct & ADAS Penetration different customer needs • Almost 2/3rds of Commercial segment vehicles we are serving today need to be recalibrated 62%
Slide 28: Deliver core VAPS opportunity
4 Deliver core VAPS opportunity There is still significant opportunity for growth in Core VAPS through best practices exchanges: “Rest to Best” across countries Attachment rate (%) 42% 21% 16% Lowest Average Best-in-class D’Ieteren Group Investor Day 2025 28
Slide 29: Drive conversion
5 Drive conversion As of 2024, we believe there is a large number of recoverable opportunities available to us through various actions Examples of initiatives to drive conversion Focus on convenience and appointment design Better support the customer at key decision points Improved technician
Slide 30: Expand Mobile Service
Expand Mobile Service 6 Expand Mobile service We recognise the importance of mobile service, which has always been a key service offering Mobile service is a key differentiator both for the customer and key accounts We aim to re-invigorate the customer convenience and value of our industry leaders
Slide 31: Drive cost efficiency
7 Drive cost efficiency Belron has delivered operating leverage in the past through leveraging best practice, scale and relocation of activities – but there is still more out there that we are targeting Critical Enablers Ways of Working Technology Roadmap We have set out a number of focused activiti
Slide 32: Enhance technician recruitment, retention, safety & leadership
8 Enhance technician recruitment, retention, safety & leadership We continue to build a skilled and highly engaged technician workforce Great progress since 2022: Fostering a safety-first culture Reduction in turnover Reduction in voluntary turnover More female technicians, broadening hiring t
Slide 33: Geographic expansion
Geographic expansion Belron today has a presence in 40 countries, but is not yet serving c.50% of a growing global car parc Global car parc Continued focus on new market opportunities 1 Where to expand? Assess markets based on various attractiveness criteria: • Car parc • Insurance penetration • Bel
Slide 34: Our core strategic priorities
Our core strategic priorities 1 2 3 There is significant growth Our clear conclusion is that a potential in our existing VGRRR-focused strategy in all business units through Furthermore we see market segments provides us continued operational opportunity from selective with a clear opportunity to ex
Slide 35: Agenda
Agenda 1. Purpose & who we are 2. We are unique 3. We grow 4. We unlock opportunities 5. We are ambitious and create value D’Ieteren Group Investor Day 2025 35
Slide 36: Our Ambition 2028
Our Ambition 2028 1. Sales – Mid to high single digit CAGR 2024-2028 2. Adjusted EBIT margin – Greater than 25% 3. Trading Cash Flow – Continued high cash conversion 4. Leverage – Deleveraging towards investment grade territory in the coming years D’Ieteren Group Investor Day 2025 36
Slide 37: Our core strategic priorities
Our core strategic priorities Strategic priorities enabled by continuing improvement in technological capability 1 Insurance segment strategy Successful commercial strategies 2 Commercial segment strategy in all relevant VGRRR segments 3 Cash segment strategy Technology as an enabler 4 Deliver core
Slide 38: We are unique, we grow, we unlock opportunities, we are ambitious
We are unique We unlock The global leader in VGRRR opportunities A highly differentiated branded B2B2C service proposition with longstanding insurer Insurance segment strategy relationships Commercial segment strategy Global scale, expert VGRRR knowledge and capabilities Cash segment strategy Unique
Slide 39: Appendix
Appendix D’Ieteren Group Investor Day 2025 39
Slide 40: Reconciliation of financials
Reconciliation of financials All financials shown at Actual FX FY2021 FY2022 FY2023 FY2024 Sales 4,647 5,574 6,048 6,459 Adjusted EBIT reconciliation Adjusted EBIT - Belron lenders reporting 930 1,099 1,320 1,449 Small adjusting items 50 9 7 19 Adjusted transformation costs 43 70 67 59 Other (mainly
Slide 41: Disclaimer
Disclaimer 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