Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — Q1 2025 Earnings Presentation
29 slides from Groupe Bruxelles Lambert Sa's earnings presentation, May 5, 2025
Slide 1: Delivering meaningful growth
Delivering Delivering meaningful meaningful growth growth
Slide 2: Q1 2025 results presentation
Q1 2025 results presentation May 5, 2025 2
Slide 3: Table of contents
Table of contents 1. Strategy & performance………………………………………….........4 2. Financial update ………………………………………..........…..........14 3. Mid-term outlook ……………………………………………..........…..17 4. Appendix ……………………………………………………………..........20 3
Slide 4: 1. Strategy & performance
1. Strategy & performance GBL | +
Slide 5: Governance evolution to further support the strategic trajectory
Strategy & performance | Leadership Governance evolution to further support the strategic trajectory Unanimously supported by the Board of Directors and subsequently approved at the General Meeting of May 2, 2025 Paul Desmarais, Jr. Ian Gallienne Johannes Huth Chairman of the Board CEO Former Partne
Slide 6: Generating €7bn of resources to finance investments and shareholder returns over 2024-2027
Strategy & performance | Mid-term strategic trajectory Generating €7bn of resources to finance investments of private assets and shareholder returns over 2024-2027 ~€7bn ~€7bn INVESTMENTS & CASH GENERATION RETURNS TO SHAREHOLDERS ~€2.4bn Disposals already executed(1) ~€3bn (value crystallization on
Slide 7: Well positioned to advance on the strategic objectives
Strategy & performance | Recent achievements Well positioned to advance on the strategic objectives(1) Direct private assets: ongoing value creation Listed assets: partial disposal of + €149m €0.8bn(3) • driven by healthcare companies • generating: €0.2bn 1.7x • Sanoptis: capital raise(2) capital ga
Slide 8: Focus on operational performance
Strategy & performance | Listed assets Focus on operational performance Listed assets (55% of the portfolio) - Powerful secular trends (e.g., athleisure, - Resilient sector (TIC) & model (B-to-B) health & wellness) are driving growth of - Fragmented market offers attractive sporting goods consolidat
Slide 9: Focus on operational performance
Strategy & performance | Listed assets Focus on operational performance Listed assets (55% of the portfolio) Favorable long-term trends: - Growing market for mineral-based - premiumization in the spirits sector specialty solutions - growing population in India and - Diversified exposure in terms of
Slide 10: Focus on operational performance
Strategy & performance | Listed assets Focus on operational performance Listed assets (55% of the portfolio) 3% 3% of the portfolio of the portfolio • FY 2024(1): solid performance, • 2024: new CEO(3) focusing on with new solutions reflecting efficiencies and disciplined Valuation recovery potential
Slide 11: Direct private assets: solid operational performance and value creation
Strategy & performance | Direct private assets + €149m (1) Solid operational performance overall and ongoing value creation Value creation in Q1 2025 Direct private assets (24% of the portfolio) NAV NAV NAV €1,592m €1,017m €261m Challenging context Positioned to become a for the bicycle sector and k
Slide 12: Investments to further support the strategy
Strategy & performance | Indirect private assets – GBL Capital (20% of the portfolio) GBL Capital – Q1 2025 NAV evolution Investments to €m further support 107 (9) 2,810 the strategy (6) (24) 2,743 Strategy execution, with: • €107m of investments, primarily capital calls in numerous funds, supportin
Slide 13: NAV per share
Strategy & performance | Net Asset Value per share evolution NAV per share NAV NAV Listed assets: per share per share - Net disposals to support €113.30(2) €111.17(2) value crystallization and the portfolio shift to private assets: €112.82(3) - SGS: partial disposals of €772m €m in March 2025 to ben
Slide 14: 2. Financial update
2. Financial update GBL |"
Slide 15: Resilient cash earnings of €101m and consolidated net result of €94m
Financial update Resilient cash earnings of €101m and consolidated net result of €94m Cash earnings for Q1 2025 in comparison to Q1 2024: - lower net dividends from investments of €126m (compared to €160m), Cash earnings attributable to a lesser contribution from: - SGS, following the stake reductio
Slide 16: Active balance sheet management and solid financial position
Financial update Active balance sheet management and solid financial position At end March 2025: - LTV: 0.0% - Liquidity profile: €5.6bn Loan To Value 25% Acquisition of the healthcare 20% private assets 15% 10% 5% Partial disposal of SGS shares 0% 0.0% Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2012
Slide 17: 3. Mid-term outlook
3. Mid-term outlook GBL |v
Slide 18: Shareholder returns – a sharply enhanced dividend combined with opportunistic share buybacks
Mid-term outlook Shareholder returns – a sharply enhanced dividend combined with opportunistic share buybacks Steady growth guaranteed beyond 2024 1 following asset disposals executed in 2024 and Q1 2025 €5.00(1) Dividend per share €2.75 7.6%(2) yield Year end 2021 2022 2023 2024 2025 2026 2 Share ~
Slide 19: Committing to double-digit TSR, driven by NAV per share growth and distributions
Mid-term outlook Committing to double-digit TSR, driven by NAV per share growth and attractive shareholder distributions 2024 – 2027 Increasing distributions to shareholders NAV per share off an already enhanced base Double-digit TSR growth per annum(2) of €5.00 dividend per share for 2024(1) GBL wi
Slide 20: 4. Appendix
4. Appendix GBL
Slide 21: Strengthening the organization to support the strategic roadmap
Appendix | New Managing Director Strengthening the organization to support the strategic roadmap Johannes Huth – Managing Director(1) Johannes Huth joined KKR in 1999 and became Senior Advisory Partner in 2024. Prior to that, he was a Partner of KKR and Chairman of KKR’s operations in Europe, the Mi
Slide 22: Strong structure and unique DNA to support strategic ambitions
Appendix | Investment capabilities and sourcing Strong structure and unique DNA to support strategic ambitions INVESTMENT CAPABILITIES INVESTMENT SOURCING 20+ investment professionals 6 offices with vast experience across Europe 220+ 110+ ~90% Opportunities Management Drop rate evaluated meetings po
Slide 23: Highly-diversified portfolio for growth and resilience
Appendix | GBL’s portfolio Highly-diversified portfolio for growth and resilience Thanks to active portfolio rotation, GBL’s portfolio is concentrated, yet well diversified Indirect Listed Direct private private Other(1) HQ sustain- sustain- health- health- Sectors services consumer consumer digital
Slide 24: Diversification in terms of sector and geography
Appendix | Portfolio by sector and geography Diversification in terms of sector and geography SECTOR GEOGRAPHY(1) United States, 3% Digital, 5% Spain, 2% Belgium, 4% Industry, 12% Consumer, 25% Netherlands, 11% Switzerland, 25% Services, 18% Germany, 11% GBL Capital & other, 21% France, 23% Healthca
Slide 25: Accelerating growth with a third-party capital raise in preferred equity
Appendix | Sanoptis ongoing developments Accelerating growth with a third-party capital raise in preferred equity Since GBL’s entry in July 2022: + 173 +4 surgical centers countries + 348 + 1.5m doctors annual treatments Implementation of AI to enhance diagnostics, enabling earlier treatments and be
Slide 26: Indirect private assets – GBL Capital
Appendix | Indirect private assets – GBL Capital (20% of the portfolio) NAV Change in NAV €m Investments Distributions Other 12/31/2024 faire value 3/31/2025 Funds 1,477 91 (9) 4 - 1,562 Co-investments 1,008 0 - (9) - 1,000 Sienna branded funds & 234 13 - (1) - 247 co-investments Other (GBL Capital
Slide 27: Solid commercial performance
Appendix | Third-party asset management Solid commercial performance Sienna Investment Managers (< 1% of the portfolio) Revenues Close to €40bn ~ €30m (1) in AuM in Q1 2025 Delivering innovative solutions with purpose (1) Includes €3m of fees from GBL Capital 27
Slide 28: Disclaimer
Disclaimer This presentation has been prepared by Groupe Bruxelles Lambert It is therefore obvious that a modification of the conditions prevailing (“GBL”) exclusively for information purposes. This presentation is in the financial markets will have an effect on the figures present incomplete withou
Slide 29: 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 €15.4bn at the end of March 2025. 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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