Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — Q1 2024 Earnings Presentation
24 slides from Groupe Bruxelles Lambert SA's earnings presentation, May 3, 2024
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: Q1 2024 results presentation
Q1 2024 results presentation May 3, 2024 2
Slide 3: Agenda
Agenda Agenda 1. Strategy & performance 4 2. Financial update 14 3. Outlook 17 4. Appendices 20 3
Slide 4: 1. Strategy & performance
1. Strategy & performance 4
Slide 5: 2023: sharper strategy focus supported by a stronger organization
Strategy & performance 2023: sharper strategy focus supported by a stronger organization ◢ Streamlining of the portfolio and crystallization of value ◢ Focus on operational performances of our companies ◢ Preservation of a strong balance sheet ◢ Record level of cash returned to our shareholders ◢ St
Slide 6: Q1 2024: agile portfolio management and value creation
Strategy & performance Q1 2024: agile portfolio management and value creation ◢ Crystallization of value on the listed portfolio ◢ Ongoing value creation from private assets and GBL Capital ◢ Increase in NAV per share ◢ Preservation of a strong balance sheet for attractive opportunities and sharehol
Slide 7: Confirmation of the transition toward resilient and fast-growing private assets
Strategy & performance Confirmation of the transition toward resilient and fast-growing private assets 100% % of portfolio at year end 75% 65% (1) Listed Assets 18% (2) Private Assets 14% 17% 11% < 1% 0% < 1% 2021 Q1 2024 Figures have been rounded (1) 61% had the combination of Webhelp and Concentri
Slide 8: Listed assets: positive outlooks
Listed assets Positive Top 3 assets represent 74% of the listed asset portfolio outlooks ◢ Better agility and speed to support performance Listed assets (65% of the portfolio) • Mid-term 2027 objectives: • Mid-term financial • FY 2024: • Organic sales framework: • Currency-neutral sales: + 5% to + 7
Slide 9: Private assets: strong overall performance Q1 2024 sales
+ 14% Private assets (1) Strong overall performance Q1 2024 Sales Private assets (18% of the portfolio) Completion of Continued Further additional acquisitions, internationalization market share gains including MedEuropa, with entry into Spain positions Affidea to become a raising to 6 the number of
Slide 10: Value creation from private assets: +€36m
Private assets Value creation from private assets: + €36m (1) Value evolution in Q1 2024 + €21m + €16m - €7m €1,216m €845m €454m NAV at end Q1 2024 Multiple of Invested Capital (2) 1.2x 1.2x 1.3x (1) Affidea, Sanoptis and Canyon (+ €31m in total), Parques Reunidos (€0m) and Voodoo (+ €5m) 10 (2) MoI
Slide 11: GBL Capital: value creation +€94m
GBL Capital (17% of the portfolio) Value creation NAV Value NAV + €94m €m Distributions Investments Other 12/31/2023 creation 3/31/2024 Solid start to the year: Funds 1,644 76 (144) 44 - 1,621 • significant value creation • sizeable distributions • positive evolutions Co-investments 1,009 15 - 0 - 1
Slide 12: Sienna Investment Managers: solid commercial performance
Sienna Investment Managers Solid commercial performance Sienna Investment Managers (< 1% of the portfolio) Significant inflows €2.1bn Revenues Strong focus on to more than ~ €28m ESG €36bn (including €4m of fees from GBL Capital) in AuM Delivering innovative solutions with purpose 5 ◢ Listed assets
Slide 13: Increase in NAV per share
NAV per share evolution Increase in NAV per share NAV NAV per share + 2.1% per share €116.19(2) €118.61(2) Listed assets: - Crystallization of value: €m - slight reduction in adidas position 16,671 16,998 to benefit from its share price (258) 36 61 239 rebound 248 - Favorable change in fair value: -
Slide 14: 2. Financial update
2. Financial update 14
Slide 15: Consolidated net result of €194m
Financial update Consolidated net result of €194m Consolidated net result Q1 2024 consolidated net result of €194m, compared to €77m in Q1 2023 In €m Q1 2023 Q1 2024 Δ Cash earnings 96 149 + 53 This result is primarily driven by: Mark to market and 6 (12) (18) other non-cash items - an increase in c
Slide 16: Cash earnings increase to €149m
Financial update Cash earnings increase to €149m Cash earnings In comparison to Q1 2023: In €m Q1 2023 Q1 2024 Δ - higher net dividends from investments of €160m, Net dividends from boosted primarily by the contributions from SGS and GBL Capital investments 119 160 + 41 - higher interest income from
Slide 17: 3. Outlook
3. Outlook 17
Slide 18: 2024 & beyond: greater agility for delivering meaningful growth
Outlook 2024 & beyond: greater agility for delivering meaningful growth ◢ Priorities of GBL’s teams: Listed assets Private assets GBL Capital Sienna IM contribute actively to the support the successful continue implementation generate further delivery of the companies’ development of the portfolio o
Slide 19: Our ongoing commitment to shareholders
Outlook Our ongoing Solid balance sheet already enables visibility commitment to on dividend per share payable in 2025(1) shareholders Due to cash earnings and capital gains generated in Q1 2024, is confident in its ability to distribute at least Delivering meaningful €2.75 growth (1) Payable in FY
Slide 20: 4. Appendices
es o- 4 Appendices
Slide 21: Highly-diversified portfolio for growth and resilience
GBL’s portfolio Highly-diversified portfolio for growth and resilience Thanks to active portfolio rotation, GBL’s portfolio is concentrated, yet well diversified Listed Private Alternative Other(1) HQ sustain- sustain- health- health- Sectors services consumer consumer digital diversified consumer l
Slide 22: Diversification in terms of sector and geography
Portfolio diversification Diversification in terms of sector and geography SECTOR GEOGRAPHY(1) Digital 5% United States 3% Spain 2% Belgium 5% France 25% Healthcare 12% Consumer Goods 34% Netherlands 7% Industry 13% Germany 17% Switzerland 23% Business Services 18% GBL Capital & other 18% Other 18%
Slide 23: Disclaimer
Disclaimer Disclaimer This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This presentation is It is therefore obvious that a modification of the conditions prevailing in the financial markets will have an effect on the figures present incomp
Slide 24: For more information
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with seventy years of stock exchange listing and a net asset value of €17.0bn at the end of March 2024. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable fami
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