Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — Investor Presentation (September 2026)
27 slides from Groupe Bruxelles Lambert Sa's investor presentation, Sep 10, 2026
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: Investor presentation
Investor presentation September 10, 2026 2
Slide 3: Content
Content 1. Strategy execution 4 2. Operational performance 11 3. Financial update 16 4. Outlook 20 5. Appendix 23 Data as at June 30, 2026, unless otherwise indicated 3
Slide 4: 1. Strategy execution
1. Strategy execution 4
Slide 5: Substantial progress in H1 2026
Strategy execution | Overview Substantial progress in H1 2026 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders 5 5
Slide 6: Cash generation & redeployment
Strategy execution | Cash generation & redeployment Execution of the strategic trajectory 2 Redeployment in new investments Priority to direct private investments Equity tickets Control or 1 co-control CASH GENERATION €0.5bn - €1.5bn alongside leading investment institutions SINCE 2024 Focus sectors
Slide 7: Portfolio simplification: good progress on disposals in H1 2026
Strategy execution | Portfolio simplification 1 Portfolio simplification: good progress on disposals in H1 2026 Listed assets Non-core asset classes Ongoing disposals at GBL Capital and exit of Sienna Investment Managers Indirect private assets Third-party asset management H1 2026 February 2026 Apri
Slide 8: Focus on direct private assets: controlled & co-controlled investments and ongoing value creation
Strategy execution | Focus on direct private assets (1/2) 2 Focus on direct private assets: controlled & co-controlled investments and ongoing value creation Strategic deployment Ongoing value creation ~€2.3bn + €130m (4) across three new investments(1) driven by (2) (3) €0.4bn €0.5bn €1.3bn Strong
Slide 9: Focus on direct private assets: three new investments
Strategy execution | Focus on direct private assets (2/2) 2 Focus on direct private assets: three new investments Healthcare Business services Healthcare May 22, 2026 – Announcement(3) May 28, 2026 – Closing July 8, 2026 – Closing Q4 2026 – Anticipated closing A leading ophthalmic MedTech specialist
Slide 10: Attractive returns to shareholders: double-digit TSR
Strategy execution | Attractive returns to shareholders 3 Attractive returns to shareholders: double-digit TSR Total shareholder returns Increased dividend per share €5.125(2) 6.7%(3) dividend per share yield TSR 17.5% (1) Cash returns to shareholders achieving the double-digit annual objective €773
Slide 11: 2. Operational performance
2. Operational performance 11
Slide 12: Operational performance | Listed assets (1/2)
Operational performance | Listed assets (1/2) Operational performance Listed assets (54% of the portfolio) 24% xx% 9% of the portfolio of the portfolio of the portfolio • H1 2026 • H1 2026 • + 5.6% organic sales growth • + 14% sales increase(2), • 14 acquisitions(1) and with broad-based growth good
Slide 13: Operational performance | Listed assets (2/2)
Operational performance | Listed assets (2/2) Operational performance Listed assets (54% of the portfolio) 9% 9% xx% 8% of the portfolio ofofthe theportfolio portfolio of the portfolio • FY 2026(1) • H1 2026 • organic net sales impacted by the • + 1.5% organic sales growth(4), US and China, in parti
Slide 14: Direct private assets (1/2)
+ €130m (1) Operational performance | Direct private assets (1/2) Solid performance overall and value creation Value creation in H1 2026 Direct private assets (38% of the portfolio) Healthcare - services Healthcare - services Diagnostic imaging, outpatient services and cancer care Ophthalmology serv
Slide 15: Direct private assets (2/2)
+ €130m (1) Operational performance | Direct private assets (2/2) Solid performance overall and value creation Value creation in H1 2026 Direct private assets (38% of the portfolio) Healthcare - MedTech Consumer Ophthalmic products, drugs and equipment Manufacture and DTC distribution of premium bik
Slide 16: 3. Financial update
3. Financial update 16
Slide 17: Net Asset Value evolution
Financial update | Net Asset Value evolution Net Asset Value evolution NAV €106.14(1) NAV per share per share €105.37 €100.77 (375) 572 (732) (118) (304) (5) 442 11 14,035 €m (4) 130 (274) 108 (310) (2) 33 296 (65) (3) (469) (6) (258) 280 13,079 (212) (665) (4) NAV NAV12/31/2025 12/31/2025 Listed as
Slide 18: Cash earnings of €296m
Financial update | Cash earnings Cash earnings of €296m Cash earnings Cash earnings Cash earnings of €296m (€320m in H1 2025), mainly due to: • Dividends from investments of €261m (€289m in HY 2025), mainly reflecting: In €m H1 2025 H1 2026 Δ • a lower dividend per share from Imerys • no dividend fr
Slide 19: Active balance sheet management and solid financial position
Financial update | Balance sheet & financial position Active balance sheet management and solid financial position Liquidity profile of €4.6bn LTV of 0.0% €m Debt Maturity Profile Loan To Value 4,500 25% 4,000 Acquisition of Institutional bonds €2,500m the healthcare 3,500 Other €59m 20% private ass
Slide 20: 4. Outlook
4. Outlook 20
Slide 21: Operational focus
Outlook | Operational focus Operational focus Ongoing Active optimization of portfolio internal processes management and cost management Delivering meaningful growth 21
Slide 22: Reiterating our commitment to double-digit TSR
Outlook | Mid-term Reiterating our commitment to double-digit TSR, driven by NAV per share growth and attractive shareholder distributions Attractive distributions to shareholders Double-digit TSR NAV per share from an enhanced per annum growth dividend per share of €5.125(1) Ongoing share buybacks
Slide 23: 5. Appendix
5. Appendix 23
Slide 24: 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 Non-core Listed Direct private asset class (1) (2) Other HQ Sectors business consumer industry consumer health- diversified
Slide 25: Diversification in terms of sector and geography
Appendix | Portfolio by sector and geography Diversification in terms of sector and geography SECTOR GEOGRAPHY(1) Spain; 2% US, 0.4% Italy; 3% Belgium, 0.3% Technology; 3% Industry; 8% UK, 4% Switzerland; 33% Non-core asset classes; 8% Other; 8% Healthcare; 34% Germany; 12% Consumer; 23% Netherlands
Slide 26: 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 27: For more information
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with over seventy years of stock exchange listing and a net asset value of €13.1bn at the end of June 2026. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable
Groupe Bruxelles Lambert — Investor Presentation (September 2026) on 6ix