Groupe Bruxelles Lambert Sa · EURONEXT:GBLB
Groupe Bruxelles Lambert Sa — Q1 2026 Earnings Presentation
27 slides from Groupe Bruxelles Lambert Sa's earnings presentation, May 7, 2026
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: Q1 2026 results presentation
Q1 2026 results presentation May 7, 2026 2
Slide 3: Table of contents
Table of contents 1. Strategy execution…………………………..........…..........…...........4 2. Operational performance……………..........…..........….............12 3. Financial update ………………………………………..........…...........16 4. Outlook ……………………………………………………………...............20 5. Appendix ……………………………………………………………
Slide 4: 1. Strategy execution
1. Strategy execution 4
Slide 5: Strong start to the year toward our key objectives
Strategy execution | Key objectives Strong start to the year toward our key objectives 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders 5 Information on GBL’s mid-term outlook (2024-2027) can be found in the Strategic Update presentation in the “Invest
Slide 6: Execution of the strategic trajectory
Strategy execution | Cash generation & redeployment Execution of the strategic trajectory 2 Redeployment in new investments Priority to direct private investments Equity tickets Control or 1 co-control CASH GENERATION €0.5bn - €1.5bn alongside leading investment institutions OBJECTIVE 2024-2027 Focu
Slide 7: Portfolio simplification: disposals across asset classes
Strategy execution | Portfolio simplification 1 Portfolio simplification: disposals across asset classes Listed assets Non-core asset classes Pursuit of disposals at GBL Capital and Sienna Investment Managers Indirect private assets Third-party asset management Q1 2026 February 2026 April 2026 closi
Slide 8: Focus on direct private assets: well positioned for value creation
Strategy execution | Focus on direct private assets (1/3) 2 Focus on direct private assets: well positioned for value creation Ongoing value creation Strengthened leadership Attracting talent CEO appointment(2) of a Two additional + €47m (1) cycling industry veteran alongside Investment Partners Fou
Slide 9: Focus on direct private assets: new co-controlled investment
Strategy execution | Focus on direct private assets (2/3) 2 Focus on direct private assets: new co-controlled investment A major ophthalmic MedTech specialist with: 45% • A full range of ophthalmic solutions supporting cataract and refractive surgeries co-control stake • A product portfolio of intra
Slide 10: Focus on direct private assets: new controlled investment
Strategy execution | Focus on direct private assets (3/3) 2 Focus on direct private assets: new controlled investment A leading platform in temporary traffic management with: • End-to-end solutions for regulatory safety compliance and safe traffic flow in low-speed Majority stake environments, suppo
Slide 11: Attractive returns to shareholders: double-digit TSR
Strategy execution | Attractive returns to shareholders 3 Attractive returns to shareholders: double-digit TSR Total shareholder returns Increased dividend per share €5.125(2) 6.7%(3) dividend per share yield TSR 21.1% (1) Ongoing share buybacks achieving the double-digit annual objective Opportunis
Slide 12: 2. Operational performance
2. Operational performance 12
Slide 13: Operational performance: Listed assets (1/2)
Operational performance | Listed assets (1/2) Operational performance Listed assets (52% of the portfolio) 23% 19% of the portfolio of the portfolio • Q1 2026 • Q3 2026(2) • + 5.3% organic sales growth • stable organic net sales, • 9 acquisitions(1) and confirmation of showing sequential improvement
Slide 14: Operational performance: Listed assets (2/2)
Operational performance | Listed assets (2/2) Operational performance Listed assets (52% of the portfolio) xx% xx% 8% 9% of the portfolio of the portfolio of the portfolio of the portfolio • Q1 2026 • Q1 2026 • + 0.7% organic sales growth(1), • + 14% sales increase(1), driven by volume and pricing w
Slide 15: Operational performance: Direct private assets
Operational performance | Direct private assets Solid performance overall and value creation + €47m (1) Direct private assets (37% of the portfolio) Value creation in Q1 2026 NAV NAV NAV €2,154m €1,143m €268m Sales growth reflecting the Disciplined portfolio optimization, Capitalizing on leadership
Slide 16: 3. Financial update
3. Financial update 16
Slide 17: Net Asset Value evolution
Financial update | Net Asset Value evolution Net Asset Value evolution NAV €106.14(1) NAV €100.44(1) per share per share €105.37 €99.86 (1,120) 47 (605) 53 891 €m 14,035 (5) 371 13,301 (2) (4) 15 (784) 47 – 122 402 (336) (3) (95) (4) 22 31 (525) NAV NAV12/31/2025 12/31/2025 Listed assets Direct priv
Slide 18: Higher cash earnings of €122m
Financial update | Cash earnings Higher cash earnings of €122m Cash earnings Cash earnings Cash earnings increase to €122m (€101m in Q1 2025), mainly due to: • Dividends from investments of €137m (€126m in Q1 2025): In €m Q1 2025 Q1 2026 Δ • greater contributions from: • SGS, reflecting a favorable
Slide 19: Active balance sheet management and solid financial position
Financial update | Balance sheet & financial position Active balance sheet management and solid financial position Liquidity profile of €6.2bn LTV of 0.0% €m Debt Maturity Profile Loan To Value 4,500 4,000 25% Acquisition of 3,500 Institutional bonds €2,000m the healthcare 20% private assets Convert
Slide 20: 4. Outlook
4. Outlook 20
Slide 21: Operational focus
Outlook | Operational focus Operational focus Optimization of Active internal processes portfolio and management cost management Delivering meaningful growth 21
Slide 22: 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 Double-digit TSR NAV per share from an enhanced per annum growth dividend per share of €5.125(1) Ongoing share buybacks
Slide 23: 5. Appendix
5. Appendix 23
Slide 24: 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 (1) Other(2) HQ sustain- health- health- Sectors services consumer ability consum
Slide 25: 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% Belgium, 1% Technology, 5% Spain, 2% Industry, 9% Other, 10% Switzerland, 33% Healthcare, 30% Non-core asset class, 10% Germany, 10% Services, 23% Netherlands, 19% Cons
Slide 26: 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 27: For more information
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with over seventy years of stock exchange listing and a net asset value of €13.3bn at the end of March 2026. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable
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