Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — 9M 2026 Earnings Presentation
27 slides from Groupe Bruxelles Lambert SA's earnings presentation, Nov 5, 2026
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: 9M 2026 results presentation
9M 2026 results presentation November 5, 2026 2
Slide 3: Content
Content 1. Strategy execution 4 2. Operational performance 10 3. Financial update 16 4. Outlook 20 5. Appendix 22 3
Slide 4: 1. Strategy execution
1. Strategy execution 4
Slide 5: Substantial progress in 9M 2026
Strategy execution | Overview Substantial progress in 9M 2026 1 2 3 Portfolio Focus on Attractive returns simplification direct private assets to shareholders 5 5
Slide 6: Cash generation & redeployment
Strategy execution | Cash generation & redeployment Ongoing 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 SINCE 2024 Focus
Slide 7: Portfolio simplification: additional progress on disposals
Strategy execution | Portfolio simplification 1 Portfolio simplification: additional progress on disposals Listed assets Non-core asset classes Ongoing disposals Full exit Exits at GBL Capital of Sienna Investment Managers Indirect private assets Third-party asset management 9M 2026 9M 2026 February
Slide 8: Focus on direct private assets: controlled & co-controlled investments and ongoing value creation
Strategy execution | Focus on direct private assets 2 Focus on direct private assets: controlled & co-controlled investments and ongoing value creation Strategic deployment Ongoing value creation Up to (4) ~€2.4bn + €190m across three new investments(1) with the bulk of the contribution from €0.4bn(
Slide 9: Attractive returns to shareholders: significant cash returns
Strategy execution | Attractive returns to shareholders 3 Attractive returns to shareholders: significant cash returns Cash returns to shareholders €888m €665m €223m dividends share buybacks Increased dividend per share NAV per share €5.125(1) 6.7%(2) €99.21 dividend per share yield (1) Paid in FY 2
Slide 10: 2. Operational performance
2. Operational performance 10
Slide 11: Listed assets (1/2)
Operational performance | Listed assets (1/2) Listed assets up + 8.5% YTD (as at Nov. 4, 2026); down - 5.6% over 9M 2026 Listed assets (50% of the portfolio) 23% + 16% 7% + 4% of the portfolio share performance in € YTD of the portfolio share performance YTD • 9M 2026 • 9M 2026 • + 5.6% organic sale
Slide 12: Listed assets (2/2)
Operational performance | Listed assets (2/2) Listed assets up + 8.5% YTD (as at Nov. 4, 2026); down - 5.6% over 9M 2026 Listed assets (50% of the portfolio) 8% + 8% 8% - 4% of the portfolio share performance YTD of the portfolio share performance YTD • 9M 2026 • Q1 2027(4) • + 2.0% organic sales gr
Slide 13: Direct private assets (1/2)
+ €190m (1) Operational performance | Direct private assets (1/2) Solid performance overall and value creation Value creation in 9M 2026 Direct private assets (42% of the portfolio) Healthcare - services Healthcare - services Healthcare - MedTech Diagnostic imaging, outpatient services and cancer ca
Slide 14: Direct private assets (2/2)
+ €190m (1) Operational performance | Direct private assets (2/2) Solid performance overall and value creation Value creation in 9M 2026 Direct private assets (42% of the portfolio) Business services Consumer Temporary traffic management Manufacture and DTC distribution of premium bikes NAV NAV €512
Slide 15: Enhancing transparency of investments in direct private assets
Financial communication | Transparency Enhancing transparency of investments in direct private assets FY 2026 2026 results onwards Deep dive sessions with the deal teams 1 (1) Further deep dive sessions on new investments Disclosure of debt leverage and entry multiples Current disclosures Local GAAP
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 per share per share €105.37 (642) 1,144 (713) (97) (850) €99.21 954 (5) 34 €m 14,035 (273) 223 (4) 190 (473) (62) (258) (2) 306 (523) (3) (118) (6) 295 12,878 (786) (665) NAV12/31/2025 NAV 12/31/2025 Listed ass
Slide 18: Cash earnings of €306m
Financial update | Cash earnings Cash earnings of €306m Cash earnings Cash earnings Cash earnings of €306m (€311m in 9M 2025), mainly due to: • Dividends from investments of €285m (€291m in 9M 2025), mainly reflecting: In €m 9M 2025 9M 2026 Δ • a lower dividend per share from Imerys • no dividend fr
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 €4.5bn LTV of 4.1% €m Debt Maturity Profile Loan To Value 4,500 4,000 25% Acquisition of Institutional bonds €2,500m 3,500 private assets Other €59m 20% Affidea and
Slide 20: 4. Outlook
4. Outlook 20
Slide 21: Outlook
Outlook Outlook Further focus on Continued focus on Continued Private Assets returning cash simplification but cautious to shareholders and of the portfolio given the current generating attractive environment returns Delivering meaningful growth 21
Slide 22: 5. Appendix
5. Appendix 22
Slide 23: 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 Direct private Non-core Listed asset class Control Co-control Minority (1) (2) Other HQ health- health- health- health- Sect
Slide 24: Focus on direct private assets: three new investments
Appendix | New investments Focus on direct private assets: three new investments Healthcare Business services Healthcare October 23, 2026 – May 28, 2026 – Closing July 8, 2026 – Closing Fulfillment of the threshold condition A leading ophthalmic MedTech specialist, A leading platform in A leading in
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) US; 0.1% Spain; 2% Technology; 3% Belgium; 0.3% Non-core asset classes; 8% Italy; 3% UK; 4% Other; 8% Industry; 8% Healthcare; 34% Switzerland; 33% Germany; 10% Consumer; 20% France; 19%
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 €12.9bn at the end of September 2026. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a st
Groupe Bruxelles Lambert — 9M 2026 Earnings Presentation on 6ix