Groupe Bruxelles Lambert (GBLB) investor relations material

Executive summary

• Achieved significant portfolio simplification with €4.8bn in disposals, reaching 95% of the mid-term target and focusing on direct private assets and shareholder returns.

• Enhanced value creation in healthcare assets, expanded into technology, and strengthened the investment team.

• Announced a €0.5bn co-control investment in Rayner, a leading ophthalmic MedTech company.

• Delivered double-digit TSR of 23.2% and increased dividend per share to €5.125 (yield 6.7%), supported by share buybacks.

• Maintained robust liquidity profile at €4.8bn and a net cash position at year-end.

Financial highlights

• Cash earnings rose to €381m, up 13.4%, driven by higher interest income and GBL Capital contributions.

• Consolidated net result was a loss of €625m, mainly due to negative contributions from GBL Capital and Imerys.

• NAV per share decreased from €115.15 to €105.37 year-over-year, with total NAV at €14.0bn.

• Market capitalization rose 10.7% to €10.1bn; share price increased 15% to €75.95.

• Discount to NAV narrowed to 27.9% from 41.7% year-over-year.

Outlook and guidance

• Commitment to double-digit TSR, driven by NAV per share growth and enhanced shareholder distributions.

• Portfolio simplification to continue, with further disposals at GBL Capital and Sienna Investment Managers.

• Focus on growing NAV and value creation through direct private assets and technology sector expansion.

• Dividend per share expected to remain stable after the proposed increase.

• Emphasis on operational excellence, portfolio management, and cost optimization.