Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — 9M 2025 Earnings Presentation
23 slides from Groupe Bruxelles Lambert Sa's earnings presentation, Nov 7, 2025
Slide 1: Delivering meaningful growth
Delivering Delivering meaningful meaningful growth growth
Slide 2: 9M 2025 results presentation
9M 2025 results presentation November 7, 2025 2
Slide 3: Table of contents
Table of contents 1. Strategy & performance…………………………………………..........4 2. Financial update ………………………………………..........…...........13 3. Outlook ……………………………………………...........................…... 16 4. Appendix ……………………………………………………………............ 19 3
Slide 4: 1. Strategy & performance
1. Strategy & performance GBL | +
Slide 5: Further progress on the strategic objectives for the 9M 2025
Strategy & performance | Strategic priorities (1/3) Further progress on the strategic objectives for the 9M 2025 (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
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 Indirect private assets Third-party asset management Exclusive negotiations(5) to sell Partial disposal in March 2025 Significant monetization stakes in this activity
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(1) Liquidity Loan to Value capital injection(2) driven by the €4.8bn 1.8% healthcare companies 3 Attracti
Slide 8: 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 9: 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 10: 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 • Progress on the promising 2028 roadmap(1): • Momentum behind new solutions, notably in the context of AI, reflecting the • balancing capital allocati
Slide 11: Direct private assets: ongoing 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 12: 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 13: 2. Financial update
2. Financial update GBL |»
Slide 14: 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 a lesser contributions from: In €m 9M 2024 9M 2025 Δ - SGS, following the
Slide 15: Active balance sheet management and solid financial position
Financial update Active balance sheet management and solid financial position 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% private
Slide 16: 3. Outlook
3. Outlook 16
Slide 17: Operational focus
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 17
Slide 18: Committing to double-digit TSR, driven by NAV per share growth
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 19: 4. Appendix
4. Appendix GBL | »
Slide 20: 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 21: 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 22: 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 23: 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
Groupe Bruxelles Lambert — 9M 2025 Earnings Presentation on 6ix