Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — FY2024 Earnings Presentation
27 slides from Groupe Bruxelles Lambert Sa's earnings presentation, Mar 14, 2025
Slide 1: ful
ful oD =| a > Lawl Del meaning growth
Slide 2: FY 2024 results presentation
FY 2024 results presentation March 14, 2025
Slide 3: Content
Content 1. Strategy & performance 2. Financial update 3. Mid-term outlook 4. Appendices a Content a 17 19
Slide 4: 1. Strategy & performance
Slide 5: Strategy & performance
—_— Strategy & performance G B L a First achievements toward our mid-term objectives” Private assets: ongoing value creation Listed assets: sizeable disposals + €438m €2.4bn” reinforcing the portfolio shift » generating capital gains® of over to this asset class €1.2bn » securing a major portion of
Slide 6: Listed assets
— Listed assets a Strong TOP 4 assets represent of the listed asset portfolio operational & stock market Successful start toward mid-term objectives NAV . performances _SGS eas0Im adidas eager as at 12732024 * New CEO and streamlined Executive Board * FY 2024: extremely strong performance are making
Slide 7: Listed assets
— Listed assets - Proven TOP 4 assets represent of the listed asset portfolio agility NAV €1,879M as at 12032024 Pernod Ricard * Efficiencies ar headwinds" * H1 2025"); + 65bps margin®) expansion * FY 2025: sustained margin® & dividend p.s. * FY 2027-2029: robust outlook * organic net sales: + 3%-6%
Slide 8: Listed assets
— Listed assets = Focus on strategy execution Valuation recovery potential with successful strategy implementation NAV © eon A 0 umicorS” €391m concentrix €365m\ New CEO since May 2024 actively Solid FY 2024: new solutions account fora larger share of revenues, reflecting the group's agility, notabl
Slide 9: Direct private assets
—_— Direct private assets Strong overall performance Direct private assets (22% of the portfolio) () Consolidated private assets (2) Like-for-like growth, excluding impact of acquisitions done in the latest period and Covid-19 testing (3) Includes estimated annualization of closed clinic M&A and cli
Slide 10: Direct private assets
— Direct private assets — Overall value creation from direct private assets: + €225m" @sffidea Sancptis ANU v v v Valueevotution +€28im +€140m -€21im 17 €261m 0.7x NAV at end FY 2024 Multiple of Invested Capital”) (1) Affidea, Sanoptis and Canyon (+ €210m in total. Voodoo (+ €15m) and Parques Reunid
Slide 11: Sanoptis: successful capital raise to accelerate growth initiatives
— Sanoptis — Sanoptis: successful capital raise to accelerate growth initiatives Sancptis > Entered into a partnership” with Carlyle through a €250m capital raise in preferred equity > The partnership and additional capital will accelerate the platform's identified growth initiatives and buy-and-bui
Slide 12: GBL Capital
GBL/CAPITAL (18% of the portfolio) Value creation +€212m Solid performance: * significant value creation * sizeable distributions * €85m contribution to GBL’s cash earnings vs. €3m FY 2023 Strategy renewal, with investments that: are typically up to €50m diversify the portfolio generate cash contrib
Slide 13: NAV per share evolution
— NAV per share evolution — NAV per share Listed assets: - Net disposals to support value crystallization and the portfolio shift to private assets: - adidas disposals of €(1.7)bn em to benefit from the share price 16,671 rebound . | - Fair value evolution: = d - share price gains of SGS and adidas
Slide 14: 2. Financial update
Slide 15: Financial update: resilient cash earnings
— Financial update a Resilient cash earnings of €336m Lower net dividends from investments mainly reflecting: - an exceptional dividend from Imerys in FY 2023 (€109m) - the Holcim exit during FY 2023 (€34m) - a significant contribution of €85m from GBL Capital in FY 2024 vs. €3m for FY 2023 179 Net
Slide 16: Financial update: consolidated net result
— Financial update a Consolidated net result of €132m Consolidated net result FY 2024 consolidated net result of €132m, compared to €1,723m for FY 2023, fundamentally from a lower contribution from the operating companies, primarily due to deconsolidation of Webhelp following its combination with ™é
Slide 17: 3. Mid-Term Outlook
3. Mid-Term Outlook
Slide 18: Mid-term Outlook
—_— Mid-term Outlook G B Lo a Committing to double digit TSR, driven by NAV per share growth and attractive shareholder distributions Mid-term Outlook (2024-2027 Increasing distributions to shareholders NAV per share off an already enhanced base growth + Y of €5.00 dividend per share for FY 2024") D
Slide 19: 4. Appendices
“~ on 4. Appendices
Slide 20: GBL's portfolio
— GBL’s portfolio a Highly-diversified portfolio for growth and resilience Thanks to active portfolio rotation, GBL’s portfolio is concentrated, yet well diversified 4 Indi Direct Divas GBL|CAPITAL SGS. adidas rs umicore2concentrix Other) @ettides Sancptis NWA Voodoo HX] we o0e00€6 508 Sectors servi
Slide 21: Portfolio diversification
— Portfolio diversification — Diversification in terms of sector and geography SECTOR Digital 4: | ° (Bal As Belgium, 3% Industry, 11%. Consumer, 27% Netherlands, 10% Healthcare, 16% Germany, 12% Services, 23% GBL Capital & other, 19% Other, 19% (1) Company headquarters United States, 2% GEOGRAPHY”
Slide 22: Sienna Investment Managers
a — S ie nna — Third-party asset management- Sienna Investment Managers INVESTMENT MANAGERS — Solid commercial performance Sienna Investment Managers {« 1% of the portfolio) Significant inflows of close to €6bn Revenues in FY 2024 ~€121m” ESG to over €40bn” in AuM | Py | Strong focus on Delivering i
Slide 23: Mid-term objectives
— Mid-term objectives — Strategic objectives and priorities 2027e target Weight : : * Actively support companies & opportunistically monetize upside High oO SS incase (+ seize new opportunities depending on market conditions) 50% single digits = Seize new opportunities as market re-opens (+ assess p
Slide 24: Mid-term objectives
— Mid-term objectives — Committing to double digit TSR”, from redeploying into new investments and attractive return to shareholders Generating ~€7bn Redeploying & returning ~€7bn Cumulative FY 2024-2027 Cumulative FY 2024-2027 ~€2.4bn Disposals executed (crystallization of adidas & SGS gains) ~€3bn
Slide 25: Capital allocation & financial policy
— Capital allocation & financial policy = Shareholder returns — Enhanced and growing dividend policy, with opportunistic buybacks Enhanced and growing ' i dividends eee Steady growth | : @ beyond 2025 | Dividend €2.50 ' 3,00 per share ° f DPS in 2025 DPS in 2021 ° ' 2021 2022 2023 2024 2025 2026 202
Slide 26: Disclaimer
Disclaimer — Disclaimer a s presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by GBL. This document should not be c
Slide 27: For more information
GBL For more information: Xavier Likin Chief Financial Officer Tel: +32 2 2891772 xlikin@gbl.com Alison Donohoe Head of Investor Relations Tel: +32 2 28917 64 adonohoe@gbl.com Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with seventy years of stock exchange listing
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