Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — Shareholder Meeting (May 2026)
32 slides from Groupe Bruxelles Lambert Sa's shareholder meeting presentation, May 7, 2026
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: 2026 Ordinary General Shareholders' Meeting
2026 Ordinary General Shareholders’ Meeting May 7, 2026 2
Slide 3: Agenda
Agenda 1. Strategy execution ………………………..........…..........….............4 2. Operational performance ……..........…..........….....................13 3. Financial update ………………………………………..........…...........19 4. Commitment to solidarity – GBL ACT………..........…...........23 5. Outlook ……………………………………
Slide 4: 1. Strategy execution
1. Strategy execution 4
Slide 5: Significant milestones toward the mid-term strategic objectives
Strategy execution | Key objectives Significant milestones toward the mid-term strategic objectives 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders Information on GBL’s mid-term outlook (2024-2027) can be found in the Strategic Update presentation in
Slide 6: Cash generation & redeployment
Strategy execution | Cash generation & redeployment Execution of the strategic trajectory Redeployment in new investments Priority to direct private investments Equity tickets Control or CASH GENERATION OBJECTIVE co-control 2024-2027 €0.5bn - €1.5bn alongside leading investment institutions Focus se
Slide 7: Portfolio simplification: solid progress on cash generation
Strategy execution | Portfolio simplification 1 Portfolio simplification: solid progress on cash generation CASH GENERATION OBJECTIVE PROCEEDS COMPLETION RATE 2024-2027 (1) €5bn €4.9bn 97% of disposals or or 95% complete (1) The sum of disposals of (i) adidas (€1.7bn) in 2024, (ii) GBL Capital (€1.7
Slide 8: Portfolio simplification: disposals across asset classes
Strategy execution | Portfolio simplification 1 Portfolio simplification: disposals across asset classes Non-core asset classes Listed assets Signed agreements or plans to dispose of a significant portion of assets at GBL Capital and Sienna Investment Managers Indirect private assets Third-party ass
Slide 9: Focus on direct private assets: significant value creation of +€641m
Strategy execution | Focus on direct private assets (1/3) 2 Focus on direct private assets: significant value creation of + €641m (1) Ongoing value creation Fuel for future growth + €641m(1) ~ €150m driven by the capital injection healthcare companies Future investments in direct private assets furt
Slide 10: Focus on direct private assets: new co-controlled investment
Strategy execution | Focus on direct private assets (2/3) 2 Focus on direct private assets: new co-controlled investment (1) A major ophthalmic MedTech specialist with: 45% • A full range of ophthalmic solutions supporting cataract and refractive surgeries co-control stake • A product portfolio of i
Slide 11: Focus on direct private assets: new controlled investment
Strategy execution | Focus on direct private assets (3/3) 2 Focus on direct private assets: new controlled investment (1) A leading platform in temporary traffic management with: • End-to-end solutions for regulatory safety compliance and safe traffic flow in low-speed Majority stake environments, s
Slide 12: Attractive returns to shareholders: double-digit TSR
Strategy execution | Attractive returns to shareholders 3 Attractive returns to shareholders: double-digit TSR Total shareholder return Dividend paid in 2025 Ongoing share buybacks €666m(2) €335m + 82% TSR increase in dividend per share vs. 2024 23.2% (1) Total cash returns to shareholders: €1bn ach
Slide 13: 2. Operational performance
2. Operational performance 13
Slide 14: Operational performance: Listed assets (1/4)
Operational performance | Listed assets (1/4) Operational performance Listed assets (54% of the portfolio) 21% of the portfolio • Accelerated progress on the mid-term objectives(1) • 2025: • + 5.6% organic sales growth • + 70bps increase in the adjusted operating income margin • 28 acquisitions(2) a
Slide 15: Operational performance: Listed assets (2/4)
Operational performance | Listed assets (2/4) Operational performance Listed assets (54% of the portfolio) 8% 10% of the portfolio of the portfolio • Growth across the business • Strategic refocusing on higher-margin, • 2025: premium products, with disposals of: • + 13% sales growth(1) • the wine bu
Slide 16: Operational performance: Listed assets (3/4)
Operational performance | Listed assets (3/4) Operational performance Listed assets (54% of the portfolio) 9% 3% of the portfolio of the portfolio • Adapting to subdued market demand • Progress on the 2028 roadmap(1): • balancing capital allocation • 2025: • maximizing cash generation • pricing and
Slide 17: Operational performance: Listed assets (4/4)
Operational performance | Listed assets (4/4) Operational performance Listed assets (54% of the portfolio) 2% <1% of the portfolio of the portfolio • FY 2025: • 2025: • +2.1% sales growth(1) and • challenging backdrop solid free cash flow generation, • subdued consumer demand exceeding guidance(2) •
Slide 18: Direct private assets: solid performance and value creation
Operational performance | Direct private assets Solid performance overall and value creation + €641m (1) Direct private assets (32% of the portfolio) Value creation in 2025 Net Net Net Asset Asset Asset Value Value Value €2,140m €1,105m €267m In a challenging sector context, Dynamic momentum Rapidly
Slide 19: 3. Financial update
3. Financial update 19
Slide 20: Net Asset Value evolution
Financial update | Net Asset Value evolution Net Asset Value evolution Net Net Asset Value Asset Value per share per share €115.15(1) (2,174) 802 (1,152) 86 793 €105.37 €m 15,681 381 1,852 161 (5) (666) (1,120) (2) 641 (4) 14,035 (398) 335 (774) (6) 128 (1,054) (3) 539 (377) (1,293) Net12/31/2024 NA
Slide 21: Higher cash earnings of €381m
Financial update | Cash earnings Higher cash earnings of €381m Cash earnings Consolidated net result Cash earnings increase to €381m (€336m in 2024): Consolidated net result of €(625)m (€132m in 2024): • Dividends from investments of €367m • Primarily attributable to the contribution from: (vs. €389
Slide 22: 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 €4.8bn LTV of 0.0% €m Debt Maturity Profile Loan To Value 25% 4,000 Acquisition of the healthcare 3,500 Institutional bonds €1,500m 20% private assets Convertible b
Slide 23: 4. Commitment to solidarity – GBL ACT
4. Commitment to solidarity – GBL ACT 23
Slide 24: Acting today for a better tomorrow
Commitment to solidarity – GBL ACT Acting today for a better tomorrow • GBL ACT actively supports numerous projects in Belgium • Through these initiatives, GBL aims to make a positive impact and build a better world for future generations 3 PILLARS Education Health Social impact A selection of 2025
Slide 25: 5. Outlook
5. Outlook 25
Slide 26: GBL's mid-term strategic objectives
Outlook | Key objectives GBL’s mid-term strategic objectives 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders 26
Slide 27: Operational focus
Outlook | Operational focus Operational focus Optimization of Active internal processes portfolio and management cost management Delivering meaningful growth 27
Slide 28: Reiterating our commitment to double-digit TSR
Outlook | Mid-term Reiterating our commitment to double-digit TSR, driven by Net Asset Value per share growth and attractive shareholder distributions Attractive distributions to shareholders Double-digit TSR Net Asset Value per annum per share growth from an enhanced dividend per share of €5.125 (1
Slide 29: Appendix
Appendix 29
Slide 30: 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) (3) Other HQ sustain- sustain- health- health- Sectors services consumer
Slide 31: 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 32: 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 €14.0bn at the end of December 2025. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a sta
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