Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — FY2025 Earnings Presentation
25 slides from Groupe Bruxelles Lambert Sa's earnings presentation, Mar 13, 2026
Slide 1: Delivering meaningful growth
Delivering Delivering meaningful meaningful growth growth
Slide 2: FY 2025 results presentation
FY 2025 results presentation March 13, 2026 2
Slide 3: Contents
Contents 1. Strategy & performance 4 2. Financial update 15 3. Outlook 18 4. Appendix 21 3
Slide 4: 1. Strategy & performance
1. Strategy & performance GBL | +
Slide 5: Significant milestones toward the strategic objectives
Strategy & performance | Strategic priorities (1/5) Significant milestones toward the strategic objectives (1) 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders 5 (1) Information on GBL’s mid-term outlook (2024-2027) can be found in the Strategic Update
Slide 6: Portfolio simplification: disposals across multiple asset classes
Strategy & performance | Strategic priorities (2/5) 1 Portfolio simplification: disposals across multiple asset classes Listed assets Non-core asset classes Signed agreements or plans to dispose of a significant portion of assets at GBL Capital and Sienna Investment Managers Indirect private assets
Slide 7: Focus on direct private assets: significant value creation of +€641m
Strategy & performance | Strategic priorities (3/5) 2 Focus on direct private assets: significant value creation of + €641m (1) Ongoing value creation Fuel for future growth Actions for sustainable growth Announcement of strategic adaption to + €641m (1) ~ €150m organizational and cost structures dr
Slide 8: Focus on direct private assets: new co-controlled investment
Strategy & performance | Strategic priorities (4/5) 2 Focus on direct private assets: new co-controlled investment (1) A leading ophthalmic MedTech specialist with: • A full range of ophthalmic solutions supporting cataract and refractive surgeries 45% • A product portfolio of intraocular lenses, su
Slide 9: Attractive returns to shareholders: double-digit TSR
Strategy & performance | Strategic priorities (5/5) 3 Attractive returns to shareholders: double-digit TSR Enhanced dividend per share Ongoing share buybacks Proposal of an increased dividend per share + 82%(1) €335m supported by a strong balance sheet and liquidity profile €5.125 Total cash returns
Slide 10: 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 11: Focus on operational performance: listed assets
Strategy & performance | Listed assets Focus on operational performance Listed assets (54% of the portfolio) Favorable long-term trends: - Market for mineral-based specialty solutions - premiumization in the spirits sector - Diversified exposure in terms of - growing penetration in emerging markets
Slide 12: Focus on operational performance: listed assets
Strategy & performance | Listed assets Focus on operational performance Listed assets (54% of the portfolio) 3% 2% of the portfolio of the portfolio • FY 2025: • Progress on the promising 2028 roadmap(1): • +2.2% sales growth and solid free cash • balancing capital allocation flow generation, exceed
Slide 13: Direct private assets: ongoing value creation
Strategy & performance | Direct private assets + €641m (1) Solid operational performance overall and ongoing value creation Value creation in 2025 Direct private assets (32% of the portfolio) NAV NAV NAV €2,140m €1,105m €267m In a challenging sector context, Dynamic momentum will be Rapidly consolid
Slide 14: Net Asset Value evolution
Strategy & performance | Net Asset Value evolution Net Asset Value evolution NAV NAV per share per share €115.15(1) €105.37 (2,174) 802 (1,152) 86 793 €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) NAV 12/31/2024 Listed assets Direc
Slide 15: 2. Financial update
2. Financial update GBL |
Slide 16: Higher cash earnings of €381m
Financial update Higher cash earnings of €381m Increase in cash earnings, primarily due to: - lower net dividends from investments of €367m (compared to €389m), Cash earnings including: - lesser contributions from: In €m FY 2024 FY 2025 Δ - SGS, following the stake reduction in Q1 2025 (- €28m) Net
Slide 17: 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 0.0% €m Debt Maturity Profile Loan To Value 4,500 25% 4,000 Acquisition of the healthcare 3,500 Institutional bonds €1,500m 20% private assets Convertible bonds into GBL shares €500m 3,00
Slide 18: 3. Outlook
3. Outlook 18
Slide 19: Operational focus: Executing our strategy
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 19
Slide 20: Reiterating our commitment to double-digit TSR
Outlook | Mid-term Reiterating our commitment to double-digit TSR, driven by NAV per share growth and attractive shareholder distributions Attractive distributions to shareholders NAV per share Double-digit TSR growth from an enhanced per annum dividend per share of €5.125 (1) Ongoing share buybacks
Slide 21: 4. Appendix
4. Appendix GBL | 2
Slide 22: 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 Other(1) HQ sustain- sustain- health- health- Sectors services consumer ability c
Slide 23: 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, 2% Technology, 5% Spain, 2% Belgium, 3% Industry, 12% Switzerland, 30% Germany, 11% Healthcare, 25% Non-core asset classes; 14% Other, 14% Consumer, 23% Services, 21% Neth
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 €14.0bn 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 stable f
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