Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — H1 2025 Earnings Presentation
25 slides from Groupe Bruxelles Lambert Sa's earnings presentation, Aug 1, 2025
Slide 1: Delivering meaningful growth
Delivering Delivering meaningful meaningful growth growth
Slide 2: H1 2025 results presentation
H1 2025 results presentation August 1, 2025 2
Slide 3: Table of contents
Table of contents 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: Solid progress on the strategic objectives in H1 2025
Strategy & performance | Recent achievements Solid progress on the strategic objectives in H1 2025 (1) Value creation Attractive cash returns to shareholders Direct private assets: Listed asset disposals: Dividend per share: Share buybacks: accelerating value creation generating capital gains reachi
Slide 6: Focus on operational performance: listed assets
Strategy & performance | Listed assets Focus on operational performance Listed assets (54% of the portfolio) - Powerful secular trends (e.g., athleisure, - Resilient sector (TIC) and model (B-to-B) health & wellness) are driving growth of - Highly-fragmented market offers sporting goods attractive c
Slide 7: Focus on operational performance: listed assets
Strategy & performance | Listed assets Focus on operational performance Listed assets (54% of the portfolio) Favorable long-term trends: - Growing market for mineral-based specialty solutions - premiumization in the spirits sector - Diversified exposure in terms of - growing penetration in emerging
Slide 8: Focus on operational performance: listed assets
Strategy & performance | Listed assets Focus on operational performance Listed assets (54% of the portfolio) 4% 3% of the portfolio of the portfolio • Promising roadmap to 2028 announced in • Momentum behind new solutions, March 2025 notably in the context of AI, reflecting the • balancing capital a
Slide 9: Direct private assets: ongoing value creation
Strategy & performance | Direct private assets + €441m (1) Solid operational performance overall and ongoing value creation Value creation in H1 2025 Direct private assets (27% of the portfolio) NAV NAV NAV €1,876m €1,022m €261m Positioned to become a key cancer care provider in Europe Winning inter
Slide 10: NAV 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) €107.75 the shift to direct private assets: - SGS: partial disposals of €772m in March 2025 to benefit from the €m sha
Slide 11: 2. Financial update
2. Financial update GBL |"
Slide 12: Resilient cash earnings of €320m and a consolidated net result of €44m
Financial update Resilient cash earnings of €320m and a consolidated net result of €44m Minor variation in cash earnings for H1 2025 compared to H1 2024, primarily due to: Cash earnings - lower net dividends from investments of €289m (compared to €334m), including a lesser contribution from: In €m H
Slide 13: Active balance sheet management and solid financial position
Financial update Active balance sheet management and solid financial position At end June 2025: - LTV: 1.6% - Liquidity profile: €4.8bn Loan To Value 25% Acquisition of the healthcare 20% private assets 15% 10% Partial 5% disposal of SGS shares 0% Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 2012 2013
Slide 14: 3. Outlook
3. Outlook 14
Slide 15: Operational priorities
Outlook | Operational priorities Operational priorities Focus on strategy deployment Active portfolio management Ongoing refinement of the acquisition strategy Sector focus Investment parameters Optimization of internal processes and cost management 15
Slide 16: Committing to double-digit TSR, driven by NAV per share growth and distributions
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: Generating €7bn of resources for investments and shareholder returns 2024-2027
Appendix | 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 listed assets
Slide 19: 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 Other(1) HQ sustain- sustain- health- health- Sectors services consumer consumer digi
Slide 20: 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, 13% Consumer, 25% Switzerland, 25% Netherlands, 11% Services, 17% Germany, 11% Healthcare, 21% France, 23% GBL Capital & oth
Slide 21: GBL Capital: investments to further support the strategy
Strategy & performance | Indirect private assets – GBL Capital (18% of the portfolio) GBL Capital – H1 2025 NAV evolution Investments to €m further support the strategy 2,743 31 2,522 (35) (180) Strategy execution, with: (36) • €35m of investments, primarily capital calls in numerous funds, supporti
Slide 22: Indirect private assets – GBL Capital NAV table
Appendix | Indirect private assets – GBL Capital (18% of the portfolio) NAV Change in NAV €m Investments Distributions Other 12/31/2024 fair value 6/30/2025 Funds 1,477 (92) (121) 1 - 1,265 Co-investments 1,008 1 (55) (31) - 923 Sienna branded funds & 234 46 (4) (6) - 271 co-investments Other (GBL C
Slide 23: Sienna Investment Managers: solid commercial performance
Appendix | Third-party asset management Solid commercial performance Sienna Investment Managers (< 1% of the portfolio) Revenues Over €41bn €59m (1) in AuM in H1 2025 Delivering innovative solutions with purpose (1) Includes €6m of fees from GBL Capital 23
Slide 24: 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 25: 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 €14.4bn at the end of June 2025. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable famil
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