Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — H1 2024 Earnings Presentation
23 slides from Groupe Bruxelles Lambert Sa's earnings presentation, Aug 1, 2024
Slide 1: Delivering meaningful growth
ful oD =| 4 > Lawl meaning growth Del
Slide 2: H1 2024 results presentation
Slide 3: Agenda
Agenda 1. Strategy & performance 2. Financial update 3. Outlook 4. Appendices Agenda 16 19
Slide 4: 1. Strategy & performance
Slide 5: H1 2024: active strategy execution
— Strategy & performance — H1 2024: active strategy execution Support of the portfolio companies on their long-term growth trajectories Dynamic asset rotation: net realized gains of ©6301 on part of the adidas stake” Demonstrating our expertise in private assets with value creation + €123m Ongoing v
Slide 6: Positive outlooks for top listed assets
Positive outlooks Top 3 assets represent. —_— Listed assets a of the listed asset portfolio Better agility and speed to support performance adidas * FY 2024 guidance (revised upward twice): * Currency-neutral sales: high-single-digit growth vs. stability in FY 2023 €1bn in operating profit (revised
Slide 7: Focus on strategy execution
Focus on strategy execution (0 High-margin / high-growth joint venture with Norsk Minerals which produces ultra-high-purity quartz used for solar panel production (2) Completed on july 5, 2024 (3) Topline up + 4.5% in FY23 (reported basis) and +4,0% in HI 2024 (proforma organic basis) (4) + 25% to +
Slide 8: Strong overall performance of private assets
Strong overall performance Private assets (20% 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 clinic M&A projects with signed SPAs
Slide 9: Private assets
— Private assets — Value creation from private assets: + €123m”" @sffidea Sancptis TWA Vv Vv Vv - €28m €434m 1.2x Value evolution in HI 2024 NAV at end HI 2024 Multiple of Invested Capital”) (1) Affidea, Sanoptis and Canyon (+ €117min total, Parques Reunidos (+ €Om) and Voodoo (+ €6m) (2) MoIC = (re
Slide 10: GBL Capital
GBL/CAPITAL (18% of the portfolio) Value creation +€139m Solid start to the year: significant value creation sizeable distributions €77m contribution to GBL’s cash earnings vs. €1m H1 2023 Strategy renewal, with investments that: are typically up to €50m diversify the portfolio generate cash contrib
Slide 11: Sienna Investment Managers
— — Sienna -_ Sfennalnvestment Managers Solid commercial performance Sienna Investment Managers {« 1% of the portfolio) Significant inflows €2.2bn Revenues to ~€59m ESG € 37. 5bn (incl. €8m of fees from GBL Capital) in AuM (vs. over €34bn at year-end 2023 <| | Strong focus on Delivering innovative s
Slide 12: NAV per share evolution
NAV per share evolution Listed assets: - Net disposals supporting value crystallization : - adidas disposals of €(999)m to benefit from the share price rebound - Change in fair value: - share price increases of adidas, Imerys, SGS and Ontex were more than offset by the evolutions of Pernod Ricard, U
Slide 13: 2. Financial update
Slide 14: Consolidated net result of €279m
— Financial update —_— Consolidated net result of €279m Consolidated net result H1 2024 consolidated net result of €279m, compared to €450m in H1 2023 This result is primarily driven by: + . . . In€m H12023 HI 2024 a - a lower contribution from the operating companies @hents sal sale - anegative mar
Slide 15: Cash earnings of €333m
—_— Financial update — Cash earnings of €333m Lower net dividends from investments mainly reflecting: - an exceptional dividend from Imerys in H1 2023 - the Holcim exit in H1 2023 - a significant contribution from GBL Capital in H1 2024 vs. €1m in H1 2023 Net dividends H12023 MN H12024 45 2222 8 ma
Slide 16: 3. Outlook
3. Outlook
Slide 17: Significantly increased dividend per share of €5.00
—_— Outlook G B L. — Significantly increased dividend per share of €5.00 Significantly higher dividend, in line with GBL’s dividend policy, coming from: * Cash earnings * Part of the <630m realized net capital gain GBL's dividend policy 0) . 5 + * Ordinary payout ratio: 82 7 between 75% and 100% of
Slide 18: Outlook GBL
—_— Outlook GBL DAWA Sao > Greater agility for delivering meaningful growth ©) Priorities of GBL’s teams: Listed assets Private assets GBL Capital Sienna IM contribute actively to the support the successful continue implementation generate further delivery of the companies’ development of the portfo
Slide 19: 4. Appendices
~~ on 4. Appendices
Slide 20: GBL's portfolio
— GBL’s portfolio —_— Highly-diversified portfolio for growth and resilience Thanks to active portfolio rotation, GBL’s portfolio is concentrated, yet well diversified _SGS" eee... adidas wos umicore’ concentiix Other Asides Sancptis UAAW =e] Voodoo Alternative GBLICAPITAL Ho eof 0 0 £ 6G@ FO @ 6 OO
Slide 21: Portfolio diversification
— Portfolio diversification — Diversification in terms of sector and geography SECTOR GEOGRAPHY" United States 3% spai Digital See Spain 2% Belgium 4% Industry 13% Netherlands; 8% \ | Consumer Goods 31% Healthcare 13% Germany 15% Business Services 18% GBL Capital & other 19% Other 19% (1) Company he
Slide 22: Disclaimer
Disclaimer — Disclaimer —_— 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
Slide 23: Contact
GBL For more informatio! Xavier Lil Chief Financial Officer Tel: +32 2 28917 72 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 an
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