GBL - Results as of March 31, 2026

Subsequent events

Section I: Investment portfolio - Listed assets

Appendix A: Investment portfolio details - Net asset value

1. Net asset value

   As at March 31, 2026, GBL's net asset value amounts to €13.3bn (€99.86 per share), compared to €14.0bn

   (€105.37 per share) at year-end 2025. Relative to the share price of €77.75, the discount as at end March 2026 stood at 22.1%.

   March 31, 2026

   % in

   capital

   1

   (€m)

   December 31, 2025

   % in Stock price

   capital

   (€)1

   (€m)

   Variation

Portfolio 11,087 - 13% 12,765

Net asset value 13,301 - 5% 14,035

1. Listed assets

   Listed assets - NAV evolution

   GBL's ongoing portfolio simplification impacted the NAV evolution of the listed assets, as the group exited its remaining stake in Umicore for €336m. In addition, a volatile market environment unfavorably impacted the change in fair value.

   Listed assets - NAV evolution
   €m	Q1 2026
   NAV, beginning of period	6,931
   Acquisitions	-
   Disposals	(336)
   Change in fair value	(784)
   NAV, end of period	5,810

   Listed assets - contribution to NAV
   		Q1 2026
   €m	NAV	Change in fair value
   SGS	2,555	(170)
   Pernod Ricard	1,107	(153)
   Imerys	995	(118)
   adidas	869	(206)
   Concentrix (ordinary + earn-out shares)	210	(104)
   Ontex	59	(21)
   TotalEnergies	9	3
   GEA	7	0
   Umicore	-	(15)
   Total	5,810	(784)

   Listed assets - highlights

   GBL continues to actively support its portfolio companies, with ongoing operational progress across the portfolio1. Examples include:

   • SGS: followed the accelerated progress made in 2025 on its mid-term objectives2 with strong Q1 2026 organic sales growth of + 5.3% and nine acquisitions3. As such, SGS confirmed its full-year outlook, which includes, among other elements, + 5% to + 7% organic sales growth, and will outline the next phase of its development at a Capital Markets Event in November.

   • Pernod Ricard: continues to navigate cyclical headwinds impacting the spirits sector. Organic net sales in Q3 20264 were stable, showing sequential improvement. Excluding the US and China markets, two of the group's largest, organic net sales grew +5%. The group still anticipates improving trends in H2 2026, with FY 2026 organic net sales of - 3% to - 4%, impacted by the Middle East conflict. The group reiterates the objective of + 3% to + 6% organic growth over FY 2027 - FY 2029, supported by the deployment of a

     €1bn efficiency program over FY 2026 - FY 2029, one third of which is expected to be delivered in FY 2026. These efficiencies should drive organic operating profit5 margin expansion over

     FY 2027 - FY 2029.

   • Imerys: published Q1 2026 revenue growth of + 0.7%6, driven by both volumes and pricing,

     and an adjusted EBITDA increase of + 4.0%6. The group confirmed that it is on track to generate the

     €50m to €60m of targeted savings from its cost and performance improvement program, with more than 50% to come in 2026. As for the rest of the year, due to higher energy prices, Imerys anticipates costs to rise and has therefore initiated price increases and other measures to protect cash generation and profitability. In April, Imerys entered into a binding agreement to acquire Great Lakes Minerals,

     a US-based processor of minerals for the refractory and abrasive industries. This acquisition will strengthen Imerys' position, both from a portfolio and geographic point of view. Separately,

     the French State's €50m minority investment in the strategic EMILI lithium project has been finalized.

   • adidas: reported a Q1 2026 currency-neutral sales increase of + 14% on a challenging comparison base of

     + 17%. Growth was broad based across all markets and channels. Moreover, adidas continues to drive its margin, with a significantly improved adjusted operating margin of 10.7%, compared to 9.9% in Q1 2025. During the period, the group bought back €500m of its own shares. The group reiterated its 2026 guidance of high-single-digit growth in currency-neutral revenues and anticipates operating profit to

     increase to approximately €2.3bn (vs. €2.1bn in 2025). In addition, 2026-2028 guidance7 was confirmed.

   • Concentrix: published Q1 20268 results with revenue and profit within guidance. The group reaffirmed its FY 2026 guidance of constant currency revenue growth of 1.5% - 3.0% and expects improved operating income and sizeable free cash flow9. The outlook is supported by strong momentum in higher-value solutions.

     ‌1 Please refer to company-specific publications for more detail

     ‌2 Through 2027 as part of Strategy 27

     ‌3 Includes acquisitions through April 23, 2026

     ‌4 Ending March 31, 2026

     ‌5 Profit from Recurring Operations ("PRO")

     ‌6 At constant exchange rates

     ‌7 Sales: high-single-digit currency-neutral growth per annum; operating profit: mid-teen CAGR

     ‌8 Ending February 28, 2026

     ‌9 $630m - $650m

2. Direct private assets

   Direct private assets - NAV evolution

   Value creation of + €47m was the principal driver in the NAV increase of the direct private assets.

   Direct private assets - NAV evolution
   €m	Q1 2026
   NAV, beginning of period	4,106
   Acquisitions	-
   Disposals	-
   Change in fair value	47
   Affidea	14
   Sanoptis	39
   Voodoo	1
   Parques Reunidos	(9)
   Canyon	1
   NAV, end of period	4,154
   consolidated assets	3,566
   non-consolidated assets or assets accounted for using the equity method	588

   Direct private assets - valuation of consolidated companies

   The healthcare platforms reported an increase in NAV in Q1 2026, driven by robust business development both organically and from M&A. For Canyon, the NAV remained stable, reflecting positive performances in

   Road bikes and Europe as well as the challenging market environment for (e-)mountain bikes and the US.

   Consolidated private assets - valuation1
   €m	MoIC	NAV 3/31/2026	NAV 3/31/2025	Variation 1 year	NAV 12/31/2025	Variation 3 months	Major Drivers
   Affidea (2022)	1.9x	2,154	1,592	+ 562	2,140	+ 14	Continued strong growth, both organic and from M&A; Solid cash flow generation, with financial leverage in line with that at the time of acquisition; Conservative approach on multiples
   Sanoptis (2022)	1.6x	1,143	1,017	+ 126	1,105	+ 39	High growth from organic initiatives and M&A, combined with significantly expanded platform capabilities (e.g., leading positions in 4 of 6 geographies; substantial reinforcement of shared functions)
   Canyon (2021)	0.7x	268	261	+ 7	267	+ 1	Stable NAV, supported by ongoing growth in Road bikes and Europe, offset by a still challenging market environment in (e-)mountain bikes and the US

   ‌1 The direct private assets are valued quarterly at their fair value, using a multi-criteria approach (e.g., DCF, multiples, trading comps), in line with IPEV Valuation Guidelines. Acquisitions are held at cost for 12 months, provided this is the best estimate of fair value

   Direct private assets - highlights

   Consolidated private assets reported sales growth of + 14% on a combined basis, fueled by organic growth and M&A of the healthcare assets.

   Consolidated private assets, performance Q1 2026 vs.	Q1 2025
   	Affidea	Sanoptis1	Canyon		Total
   Sales, €m	349	227	178		754
   Growth, %	17%2	16%	4%		14%
   Organic growth, %	5%3	6%4	4%		5%
   Source: non-audited company reporting

   The healthcare assets, which account for 79% of the NAV of the direct private assets, continued their strong growth throughout the period. For Canyon, sales growth reflects ongoing momentum in Road bikes and Europe, while the market environment for (e-)mountain bikes and the US has been challenging. Canyon's new CEO,

   effective as from May 1, 2026, will prioritize the group's sustainable growth strategy.

   • Affidea: sales growth of + 17% was driven by ongoing dynamic commercial momentum and continued clinic acquisitions, including a major platform deal in Switzerland in January:

     o LabPoint: a medical diagnostics laboratory and a recognized player in laboratory medicine and genetics

     Additionally, Affidea has successfully disposed of its Hungary business as part of a disciplined portfolio optimization strategy.

   • Sanoptis: sales grew + 16%, driven by organic volume and value growth combined with accretive M&A. Organic growth of +6% was supported by continued investments in state-of-the-art equipment,

     AI & digitalization, and talent, which aim to improve the quality of patient care and operational efficiency. Sanoptis continues to execute its international expansion strategy, now capitalizing on the market leading positions it has secured in 4 out of its 6 geographies.

   • Canyon: sales grew + 4% versus Q1 2025, driven by continued momentum in Road bikes and European markets, demonstrating the underlying strength of the brand. These performances offset headwinds for (e-) mountain bikes and the challenging US macroeconomic backdrop. Meanwhile, the strategic initiatives announced in January 2026, aimed at streamlining operations and underpinning sustainable long-term profitability, are on track.

     ‌1 Includes annualization of closed clinic M&A at the end of the period

     ‌2 2026 reported sales are partially impacted by Hungary disposal (i.e., 2026 reported figures exclude Hungary while 2025 reported figures do not); pro forma sales growth excluding Hungary exceeds + 20% for Q1 2026

     ‌3 Like-for-like growth, excluding impact of acquisitions done in the two latest periods

     ‌4 Uses the perimeter from the start of the earliest period

     Appendix A: Investment portfolio details - Indirect private assets

1. Non-core asset class

1. Economic presentation of the financial position & cash flow

   GBL held net cash of €1,224m on March 31, 2026, compared to €333m on December 31, 2025. The evolution reflects divestments and distributions (€433m), with, in particular, the divestment of Umicore and

   proceeds/distributions of GBL Capital, adjustments (€371m(1)), and cash earnings for the period (€122m),

   partially offset by investments of - €31m (share buybacks).

   €m	Gross cash	Gross debt	Net debt/Net cash
   Position as of December 31, 2025	2,393.4	(2,060.6)	332.8
   Cash earnings	122.1	-	122.1
   Investments	(30.8)	-	(30.8)
   GBL (share buybacks)	(30.8)	-	(30.8)
   Divestments/distributions	432.7	-	432.7
   Umicore	336.1	-	336.1
   GBL Capital - Net distributions	93.6	-	93.6
   SIM - Net distributions	3.0	-	3.0
   Institutional bonds	496.2	(500.0)	(3.8)
   Other	371.1	-	371.1 1
   Position as of March 31, 2026	3,784.7	(2,560.6)	1,224.1

   The LTV stood at 0.0%, unchanged from the end of December 2025.

   Loan To Value

   25%

   20%

   15%

   10%

   5%

   0%

   Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

   '18

   '19

   '20

   '21

   '22

   '23

   '24

   '25

   '26

   Target Range Upper Limit Loan To Value

   ‌1 Includes mainly (i) timing differences between proceeds/distributions received by GBL Capital and their upstreaming to GBL (€523m),

   1. the SGS dividend approved by the Annual General Meeting of Shareholders on March 26, 2026 but paid in April 2026 (- €103m),

   2. the elimination of the dividend received from GBL Capital presented both in cash earnings and current or historical proceeds/distributions (- €31m) and (iv) the revaluation of the group's LTIP and carried interest scheme (- €16m)

2. Balance sheet management

   €m	March 31, 2026	December 31, 2025
   Institutional bonds	(2,000)	(1,500)
   Convertible bonds into GBL shares	(500)	(500)
   Other	(61)	(61)
   Gross debt	(2,561)	(2,061)
   Gross cash (excluding treasury shares)	3,785	2,393
   (Net debt)/Net cash	1,224	333

   The weighted average maturity of the gross debt is 5.0 years at the end of March 2026 (4.1 years at the end of December 2025).

   The gross debt does not include the external investment commitments on assets not sold nor held for sale of GBL Capital, which total €231m at the end of March 2026 (€238m at the end of December 2025).

   As at March 31, 2026, committed credit lines amount to €2,450m, fully undrawn, and mature in 2030.

   The liquidity profile (gross cash and undrawn committed credit lines) amounts to €6,235m at the end of March 2026, compared to €4,843m at the end of December 2025.

   Finally, as at March 31, 2026, the 12.7m treasury shares correspond to 9.6% of the shares representing the capital

   on this date and are valued at €990m.

3. Economic presentation of consolidated results1

   €m				March 31, 2026				March 31, 2025
   Group's share
   	Cash earnings	Mark to market and other non-cash items	Operating companies (associated or consolidated)	GBL Capital	Sienna Investment Managers	Eliminations, capital gains, impairments and reversals	Consolidated	Consolidated
   Profit (loss) of associates and consolidated operating companies	-	-	(29.6)	3.4	(0.3)	-	(26.4)	31.2
   Net dividends from investments	136.8	2.5	-	-	-	(31.3)	107.9	103.3
   Interest income (expenses)	(0.2)	0.2	-	3.8	(0.3)	-	3.5	(12.9)
   Other financial income (expenses)	(1.0)	(12.6)	-	24.0	(0.5)	-	10.0	9.2
   Other operating income (expenses)	(13.4)	(15.9)	-	(3.4)	(2.7)	-	(35.4)	(35.7)
   Gains (losses) from disposals, impairments and reversal of non-current assets	-	-	-	(2.6)	7.8	-	5.2	(0.7)
   Taxes	(0.1)	-	-	(0.0)	(0.0)	-	(0.1)	(0.2)
   IFRS consolidated net result 2026 (Group's share) (3 months)	122.1	(25.7)	(29.6)	25.2	4.0	(31.3)	64.6
   IFRS consolidated net result 2025 (Group's share) (3 months)	100.8	1.3	35.2	(16.9)	(1.0)	(25.2)		94.2

   Cash earnings (€122m compared to €101m)

   €m	March 31, 2026	March 31, 2025
   Net dividends from investments	136.8	126.4
   Interest income (expenses)	(0.2)	(12.9)
   GBL Capital interests	-	0.0
   Other interest income (expenses)	(0.2)	(12.9)
   Other financial income (expenses)	(1.0)	0.5
   Other operating income (expenses)	(13.4)	(13.1)
   Taxes	(0.1)	(0.1)
   Total	122.1	100.8

   ‌1 The definitions of alternative performance indicators and, where applicable, their calculation methods can be found in the glossary available on

   GBL's website: https://www.gbl.com/en/glossary

   Net dividends from investments received as of March 31, 2026 (€137m compared to €126m as of March 31, 2025) include the dividend proposed by SGS at its General Meeting on March 26, 2026, in relation to the fiscal year 2025, of CHF 3.20 per share with an option for a payment, in part or in full, in shares (CHF 3.20 per share in 2025 with the similar option). GBL chose a payment in shares, corresponding to a total contribution to cash earnings of

   €103m (€98m as of March 31, 2025). Net dividends from investments also include a dividend received from GBL Capital for €31m (€25m as of March 31, 2025).

   €m	March 31, 2026	March 31, 2025
   SGS	102.8	98.1
   GBL Capital	31.3	25.2
   Concentrix	2.5	2.7
   TotalEnergies	0.1	0.4
   Total	136.8	126.4

   Interest income (expenses) (- €0m) mainly comprise income from gross cash (€16m compared to €3m as of March 31, 2025), partially balanced by interest expenses related to the institutional bonds (- €13m compared to

   - €14m as of March 31, 2025).

   Mark to market and other non-cash items (- €26m compared to €1m)

   €m	March 31, 2026	March 31, 2025
   Net dividends from investments	2.5	2.2
   Interest income (expenses)	0.2	(1.3)
   Other financial income (expenses)	(12.6)	9.2
   Other operating income (expenses)	(15.9)	(8.7)
   Total	(25.7)	1.3

   Other financial income (expenses) include the mark to market of money market funds, derivatives and the Concentrix earn-out shares.

   Other operating income (expenses) notably include the impact of the group's carried interest scheme

   (- €11m compared to - €6m as of March 31, 2025) and the effect of revaluation of long-term incentive plan (- €5m compared to - €3m as of March 31, 2025).

   Operating companies (associates or consolidated) (- €30m compared to €35m)

   In accordance with accounting principles, GBL includes in its accounts its share of the net results of the participations in which it holds the majority of the capital or on which it has a significant influence.

   €m	March 31, 2026	March 31, 2025
   Profit (loss) of associates and consolidated operating companies	(29.6)	35.2
   Total	(29.6)	35.2

   Profit (loss) of associates and consolidated operating companies amounts to - €30m compared to €35m as of

   March 31, 2025.

   €m	March 31, 2026	March 31, 2025
   Parques Reunidos/Piolin II	(13.8)	(38.5)
   Affidea	(13.4)	84.1
   Canyon	(2.4)	(2.1)
   Sanoptis	(0.3)	(21.2)
   Imerys	0.3	12.9
   Total	(29.6)	35.2

   Parques Reunidos/Piolin II (- €14m compared to - €39m)

   As of March 31, 2026, the contribution amounts to - €14m (- €39m as of March 31, 2025), considering a net result of Piolin II of - €60m (- €167m as of March 31, 2025) and taking into account an integration rate of 23.10% (23.10% as of March 31, 2025).

   Affidea (- €13m compared to €84m)

   As of March 31, 2026, Affidea's contribution to GBL's result amounts to - €13m (€84m as of March 31, 2025), based on a net result of - €13m (€86m as of March 31, 2025) and taking into account an integration rate of 98.98% (98.98% as of March 31, 2025).

   The net result of Affidea as of March 31, 2025 notably included a one-off IFRS 9 impact of €82m resulting from the

   renegotiation of the debt conditions.

   Canyon (- €2m compared to - €2m)

   As of March 31, 2026, Canyon's contribution to GBL's result amounts to - €2m (- €2m as of March 31, 2025), based on a net result of - €5m (- €4m as March 31, 2025) and taking into account an integration rate of 52.35% (49.84% as of March 31, 2025).

   Sanoptis (- €0m compared to - €21m)

   As of March 31, 2026, Sanoptis' contribution to GBL's result amounts to - €0m (- €21m as of March 31, 2025), based on a net result of - €0m (net result of - €25m as of March 31, 2025) and taking into account an integration rate of 84.21% (84.73% as of March 31, 2025).

   Imerys (€0m compared to €13m)

   Net current income, group's share, decreases 31.6% to €21m as of March 31, 2026 (€31m as of March 31, 2025).

   The adjusted EBITDA amounts to €118m (€128m as of March 31, 2025). The net result, group's share, amounts to

   €1m as of March 31, 2026 (€23m as of March 31, 2025).

   Imerys contributes €0m to GBL's result as of March 31, 2026 (€13m as of March 31, 2025), reflecting the variation

   in net income, group's share, and the 55.00% consolidation rate for Imerys (54.98% as of March 31, 2025).

   The press release relating to Imerys' results as of March 31, 2026 is available at https://www.imerys.com.

   GBL Capital (€25m compared to - €17m)

   €m	March 31, 2026	March 31, 2025
   Profit (loss) of associates and consolidated operating companies	3.4	(3.9)
   Interest income (expenses)	3.8	1.1
   Other financial income (expenses)	24.0	(0.5)
   IFRS 9	17.7	4.7
   Other	6.3	(5.2)
   Other operating income (expenses)	(3.4)	(12.7)
   Gains (losses) on disposals, impairments and reversals of non-current assets	(2.6)	(0.7)
   Taxes	(0.0)	(0.1)
   Total	25.2	(16.9)

   The contribution to GBL's results as of March 31, 2026 of GBL Capital's investments consolidated or accounted for

   by the equity method amounts to €3m, compared to - €4m a year earlier:

   €m	March 31, 2026	March 31, 2025
   Independent Talent Group	1.4	-
   TEC GroupSwiss HLD SA	0.9	-
   TECO	0.4	-
   Backed 1, Backed 2 and Backed Encore 1	-	(4.1)
   Mérieux Participations 2	-	(0.0)
   AMB IV	-	0.4
   Other	0.6	(0.1)
   Total	3.4	(3.9)

   Other financial income (expenses) include the change in fair value of the investments not consolidated or not

   accounted for by the equity method, in application of IFRS 9, for a total amount of €18m (€5m as of

   March 31, 2025), out of which mainly Iconiq (€23m), Human Capital (€10m) and Flora Food Group (- €18m). As of March 31, 2025, this section included mainly Sagard funds (€10m), Stripes (€3m), Epiris (€3m),

   Human Capital (€3m), C2 Capital (- €6m) and Illumio (- €8m).

   Sienna Investment Managers (€4m compared to - €1m)

   €m	March 31, 2026	March 31, 2025
   Profit (loss) of associates and consolidated operating companies	(0.3)	(0.1)
   Interest income (expenses)	(0.3)	0.2
   Other financial income (expenses)	(0.5)	-
   Other operating income (expenses)	(2.7)	(1.1)
   Gains (losses) on disposals, impairments and reversals of non-current assets	7.8	(0.0)
   Taxes	(0.0)	-
   Total	4.0	(1.0)

   The contribution to GBL's results as of March 31, 2026 of Sienna Investment Managers' investments consolidated

   or accounted for by the equity method amounts to - €0m, compared to - €0m a year earlier:

   €m	March 31, 2026	March 31, 2025
   Sienna Real Estate	(1.0)	(1.0)
   Sienna Private Credit	(0.8)	(0.2)
   Sienna Gestion	1.5	1.1
   Total	(0.3)	(0.1)

   The gains (losses) on disposals, impairments and reversals of non-current assets mainly include the impact of the deconsolidation of Sienna Real Estate (€8m).

   Eliminations, capital gains, impairments and reversals (- €31m compared to - €25m)

   €m	March 31, 2026	March 31, 2025
   Net dividends from investments	(31.3)	(25.2)
   Gains (losses) from disposals, impairments and reversal of non-current assets	-	(0.0)
   Total	(31.3)	(25.2)

   Net dividends from investments (associates or consolidated companies) are eliminated and are related to GBL Capital (- €31m compared to - €25m as of March 31, 2025).

4. IFRS presentation of consolidated results