Delivering meaningful growth
May 7, 2026 - After 5:45pm CET
Regulated information
Results as at March 31, 2026
Strong start to the year, including two new direct private investments Portfolio simplification: disposals of certain listed assets and non-core asset classesListed assets: Umicore exit in February 2026 for €0.3bn of proceeds and Concentrix stake reduction in April 2026 for €0.1bn of proceeds
Non-core asset classes:
Indirect private assets (GBL Capital): closing of the sales of certain funds, generating €0.1bn of proceeds
Third-party asset management (Sienna IM): disposal of Sienna Real Estate in February 2026 and closing of agreements to sell stakes in Sienna Gestion and Sienna Private Credit expected in H1 2026
Total proceeds reaching €4.9bn1, or 97% of the amount targeted under the mid-term plan2
Focus on direct private assets: ongoing value creation and two new investmentsValue creation of €47m3, driven by healthcare companies Affidea and Sanoptis
Appointment4 of industry veteran Matthias Meier as CEO of Canyon to lead the group's
sustainable growth strategy
Co-control investment5 in premier ophthalmic MedTech platform Rayner for €0.5bn in equity
Majority stake acquisition6 of BUKO Group, a leading platform in temporary traffic management,
for €0.5bn in equity
Further strengthening of GBL's team with the appointment of two Investment Partners and expansion into the Technology sector
Strong financial profile to support future investments and shareholder returnsLiquidity profile of €6.2bn and net cash position of more than €1.2bn
Bond issuance of €500m with a 10-year maturity
Attractive returns to shareholders, including double-digit TSRDividend per share increased to €5.1257, representing a yield of 6.7%8, and to remain stable thereafter
TSR of 21.1%9 and NAV per share of €99.86, or €100.44 pro forma share cancellations10
Johannes Huth, Managing Director of GBL, remarked, "We have started 2026 on a strong footing with solid execution across our strategic priorities. With our two new direct private investments, our team has demonstrated its ability to source quality assets that complement our portfolio. I am confident in our ability to leverage our sector expertise to create value for these assets and therefore our shareholders."
1 Includes proceeds generated from 2024 through April 2026
2 Information on GBL's mid-term outlook (2024-2027) can be found in the Strategic Update presentation in the "Investors" section of
https://www.gbl.com
3 Change in fair value of: Affidea (+ €14m), Sanoptis (+ €39m), Canyon (+ €1m), Voodoo (+ €1m) and Parques Reunidos (- €9m)
4 Announced on April 16, 2026 and effective as from May 1, 2026
5 The press release of February 9, 2026 can be found in the "Media Center" section of https://www.gbl.com
6 Announced April 23, 2026
7 Payable in FY 2026 for FY 2025; approved at GBL's General Shareholders' Meeting of May 7, 2026 and payable as from May 18, 2026
8 Based on GBL's share price of €75.95 as at December 31, 2025
9 March 31, 2025 to March 31, 2026
10 3.4m of share cancellations approved at GBL's Extraordinary General Meeting on May 7, 2026
Subsequent events
Listed assets
GBL reduced its stake in Concentrix from 14.4%
of the capital to 4.5% on April 29, 2026. This disposal
generated net proceeds of €0.1bn.
Non-core asset classes
(GBL Capital and Sienna Investment Managers)
Following the 2025 disposals of a large part of the assets comprising GBL Capital and agreements to sell the group's stakes in various Sienna entities,
GBL has continued to pursue the winding down of these activities.
GBL expects the closing of the agreements to sell its stakes in Sienna Gestion and Sienna Private Credit to occur in H1 2026.
Focus on direct private assetsCEO appointment at Canyon
On April 16, 2026, Canyon announced the appointment of Matthias Meier as CEO, effective May 1, 2026. He developed his sector expertise
over 12 years at DT Swiss, a manufacturer of bicycle components, where his most recent role was that of co-CEO.
Under Matthias Meier's leadership, and together with Canyon's founder & Executive Chairman
Roman Arnold, the company will continue to focus on its strategic growth areas and sustainably strengthening its innovative capacity, sporting performance, and close ties to the cycling community.
New investment in BUKO Group
On April 23, 2026, GBL announced its acquisition of a majority stake in BUKO Group, a leading platform in temporary traffic management, for €0.5bn of equity.
BUKO is a leading European provider of
low-speed TTM and road safety solutions with a substantial presence in the Netherlands, Sweden, and the UK, and activities in Germany. The group's ambition is to further scale the business across Europe, both in existing and new markets, through a combination of organic growth and M&A.
Attractive returns to shareholdersIncreased dividend per share
The Ordinary General Meeting of May 7, 2026 approved the profit allocation related to the 2025 financial year in the form of a gross dividend per share of €5.125, an increase from €5.00 in the prior year. This corresponds to a dividend yield of 6.7%1. The dividend coupon will be detached on May 14, 2026 and paid as from May 18, 2026. GBL has announced that it aims to maintain the dividend per share stable in subsequent years.
Share cancellations
The Extraordinary General Meeting of May 7, 2026 approved the cancellation of 3.4m treasury shares, reducing the total shares outstanding to 129.8m.
Ongoing share buybacks
Between April 1 and May 5, 2026, GBL acquired 0.3m shares, accounting for 0.3% of the shares representing the capital and valued at €28.0m on May 5, 2026.
On this date, 36.9% of the eighth share buyback envelope had been executed.
.
1 Based on GBL's share price of €75.95 as at December 31, 2025
Section I: Investment portfolio - Listed assets
As at March 31, 2026, GBL's NAV totalled €13.3bn. Within the portfolio, listed assets accounted for 52%, while direct private assets represented 37%. Non-core assets held for sale (GBL Capital and Sienna Investment Managers) comprised 10% and <1%, respectively.
Listed assets (52% of the portfolio)
Listed assets include stakes in SGS, Pernod Ricard, Imerys and adidas, among others.
NAV composition
NAV of Listed assets 3/31/2026
Others; 5%
€5.8bn
adidas; 15%
SGS; 44%
Imerys; 17%
Pernod Ricard; 19%
NAV evolution
The NAV of the listed assets as at March 31, 2026 stood at €5.8bn, compared to €6.9bn as at December 31, 2025. Over the period, this evolution was impacted by the group's exit of Umicore, representing €336m. In addition, a volatile market environment was a significant factor behind the portfolio companies' changes in fair value.
€m Listed assets - Q1 2026 NAV evolution
6,931
-
(336)
5,810
(784)
NAV,
beginning of period
Acquisitions Disposals Change in fair value
NAV,
end of period
Section I: Investment portfolio - Direct private assets
-
Direct private assets (37% of the portfolio)
Direct private assets include controlling stakes in Affidea, Sanoptis and Canyon (fully consolidated assets) as well as minority stakes in Voodoo and Parques Reunidos (non-consolidated assets or assets accounted for using the equity method). Given the attractive long-term potential of direct private assets, GBL's ambition is to increase the weight of this asset category within the group's portfolio.
NAV composition
NAV of Direct private assets 3/31/2026
Non-consolidated assets; 14%
Canyon; 6%
€4.2bn
Affidea; 52%
Sanoptis; 28%
NAV evolution
As at end March 2026, the NAV stood at €4.2bn, an increase of + €47m compared to year-end 2025, reflecting the value creation driven by the healthcare platforms Affidea and Sanoptis. The value creation reinforces the group's strategic ambition to upweight direct private assets within its portfolio.
€m
Direct private assets - Q1 2026 NAV evolution
4,106 -
- 14 39 1 1
4,154
(9)
Value creation: + €47m
NAV,
beginning of period
Acquisitions Disposals Affidea Sanoptis Canyon Voodoo Parques
Reunidos
NAV,
end
of period
Section I: Investment portfolio - Non-core asset class
Non-core asset class (10% of the portfolio)
GBL Capital is an indirect private asset activity that invests in funds and co-investments. GBL announced in Q4 2025 that it had launched the sale of a significant portion of these assets and that GBL Capital would
no longer be making new commitments. GBL will continue to exit its GBL Capital positions over time. These disposals are in line with GBL's objective of portfolio simplification, one of the group's key strategic priorities.
NAV composition
NAV of GBL Capital 3/31/2026
Assets sold / held for sale; 11%
Cash and working capital; 7%
Co-investments; 32%
€1.1bn
Sienna branded; 20%
Funds; 30%
NAV evolution
GBL Capital's NAV stood at €1.1bn at the end of March 2026, compared to €1.7bn at the end of December 2025. The principal contributions to the evolution were:
cash and receivables from the sale of assets at the end of 2025 at GBL Capital and transferred to GBL at the beginning of 2026; and
the Q1 2026 closings of the disposals of certain funds identified as sold or held for sale at the end of 2025.
As for the remaining portfolio, its NAV slightly increased thanks to its positive change in fair value. The increase in fair value of the funds (mainly ICONIQ, Human Capital and Sienna PE Fund I) was partially offset by the decrease in fair value of Flora Food Group.
€m
1,666
GBL Capital - Q1 2026 NAV evolution
15
16
(108)
1,066
(523)
NAV,
beginning of period
Investments Proceeds/ Distributions
Change in fair value Other NAV, end of period
/ 23 Meaningful Growth