Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — Investor Presentation (December 2025)
21 slides from Groupe Bruxelles Lambert Sa's investor presentation, December 2025
Slide 1: Delivering meaningful growth
Delivering Delivering meaningful meaningful growth growth
Slide 2: Investor presentation December 2025
Investor presentation December, 2025 2
Slide 3: Agenda
Agenda 1. Strategy & performance………………………………………………...4 2. Financial update……………………………………………………………11 3. Outlook…………………………………………………………………………14 4. Appendix……………………………………………………………………...17 3
Slide 4: 1. Strategy & performance
1. Strategy & performance GBL | +
Slide 5: Further progress on the mid-term strategic objectives
Strategy & performance | Strategic priorities (1/3) Further progress on the mid-term strategic objectives (1) 1 Portfolio simplification 2 Focus on direct private assets 3 Attractive returns to shareholders 5 (1) Information on GBL’s mid-term outlook (2024-2027) can be found in the Strategic Update
Slide 6: Portfolio simplification: disposals across multiple asset classes
Strategy & performance | Strategic priorities (2/3) 1 Portfolio simplification: disposals across multiple asset classes Listed assets – partial disposals Indirect private assets Third-party asset management Significant monetization Exclusive negotiations(3) to sell November 2025 March 2025 2024 from
Slide 7: Focus on direct private assets; attractive returns to shareholders
Strategy & performance | Strategic priorities (3/3) 2 Focus on direct private assets: significant value creation Financial firepower Fuel for future growth Ongoing value creation + €150m + €584m(3) Liquidity Loan to Value capital injection(2) driven by the €4.8bn(1) 1.8%(1) healthcare companies 3 At
Slide 8: Net Asset Value per share evolution
Strategy & performance | Net Asset Value per share evolution NAV per share Listed assets: NAV NAV - Net disposals to support per share per share value crystallization and €115.15(2) €104.83 the shift to direct private assets: - SGS: partial disposals of €772m in March 2025 to benefit from the €m sha
Slide 9: Listed assets: strong operational performances not reflected in share prices
Strategy & performance | Listed assets Strong operational performances not necessarily reflected Listed assets (54% of the portfolio) in the share prices Operational highlights Guidance (1) (2) 9M share price evolution Performance in line with mid-term objectives Confirmed • +5.5% organic sales grow
Slide 10: Direct private assets: +€584m value creation
Strategy & performance | Direct private assets + €584m (1) Solid operational performance overall and ongoing value creation Value creation for the 9M 2025 Direct private assets (29% of the portfolio) NAV NAV NAV €1,954m €1,078m €267m Dynamic momentum Rapidly consolidating Challenging context to be f
Slide 11: 2. Financial update
2. Financial update GBL |"
Slide 12: Resilient cash earnings of €311m
Financial update Resilient cash earnings of €311m Near stability in cash earnings for 9M 2025 compared to 9M 2024, primarily due to: Cash earnings - lower net dividends from investments of €291m (compared to €346m), including lesser contributions from: In €m 9M 2024 9M 2025 Δ - SGS, following the st
Slide 13: Active balance sheet management and solid financial position
Financial update Active balance sheet management and solid financial position (1) Liquidity profile of €4.8bn LTV of 1.8% €m Debt Maturity Profile Loan To Value 4,500 25% 4,000 Acquisition of Institutional bonds €1,500m the healthcare 3,500 Exchangeable bonds into Pernod Ricard shares €500m 20% priv
Slide 14: 3. Outlook
3. Outlook 14
Slide 15: Operational focus: executing our strategy
Outlook | Operational focus Operational focus 1 2 3 4 Ongoing Optimization Executing Active refinement of of internal our strategy portfolio the acquisition processes and management cost management strategy - Sector focus - Investment parameters Delivering meaningful growth 15
Slide 16: Committing to double-digit TSR
Outlook | Mid-term Committing to double-digit TSR, driven by NAV per share growth and attractive shareholder distributions 2024 – 2027 Increased distributions to shareholders NAV per share Double-digit TSR from an enhanced growth per annum(2) dividend per share of €5.00(1) and share buybacks GBL wil
Slide 17: 4. Appendix
4. Appendix GBL |
Slide 18: Highly-diversified portfolio for growth and resilience
Appendix | Portfolio overview 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 (1) Other(2) HQ sustain- sustain- health- health- Sectors services consumer consumer
Slide 19: 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, 5% Industry, 12% Consumer, 24% Switzerland, 27% Germany, 11% GBL Capital & other, 17% Netherlands, 15% Healthcare, 23% France, 21% Servic
Slide 20: 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 21: 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 €14.0bn at the end of September 2025. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable
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