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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Groupe Bruxelles Lambert
Groupe Bruxelles Lambert (GBLB) investor relations material
Groupe Bruxelles Lambert Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
NAV was €12.9bn at September 30, 2026; listed assets were 50% of the portfolio, direct private assets 42%, and non-core assets 8%.
Portfolio streamlining included exits from Umicore and Concentrix and a wind-down of GBL Capital; new direct investments in Rayner, BUKO and Recordati totaled up to €2.4bn in equity.
Direct private asset NAV rose €1.1bn to €5.3bn, including €190m of value creation, led by Affidea and Sanoptis and supported by Canyon's turnaround.
Financial highlights
9M 2026 cash earnings were €306m versus €311m; consolidated net result was €29m versus a €209m loss, largely reflecting GBL Capital's €42m contribution versus a €303m loss in 2025.
NAV was €12.878bn, down 8.2% from December 2025; NAV per share was €99.21 versus €105.37 at year-end 2025.
Net investments were €786m, comprising €1,563m of investments and €778m of divestments and distributions.
Outlook and guidance
The FY2025 dividend per share was increased to €5.1256, a 6.7% yield based on the December 31, 2025 share price; the dividend is expected to remain stable thereafter.
SGS confirmed FY 2026 organic sales growth guidance of 5%–7%; Imerys raised adjusted EBITDA guidance to €570m–€590m from €550m–€580m.
adidas maintained 2026 currency-neutral revenue growth guidance of 9%–10% and raised operating profit guidance to ~€2.5bn from €2.3bn; 2027–2028 guidance was reaffirmed.
Pernod Ricard expects broadly stable organic net sales in FY 2027 and growth at the lower end of 3%–6% over FY 2027–FY 2029, supported by an accelerated €1bn efficiency program.
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Latest events from Groupe Bruxelles Lambert
- Portfolio simplification and private asset growth fueled a 17.5% TSR and strong cash returns.GBLB
Q2 2026 - NAV at €13.3bn, 21.1% TSR, and 6.7% dividend yield reflect strong value creation.GBLBQ1 2026
- Portfolio simplification and private asset focus delivered a 23.2% TSR and strong liquidity.GBLBQ4 2025
- Portfolio simplification and healthcare growth drove resilient returns and enhanced shareholder value.GBLBQ3 2025
- Record dividend, €0.8bn disposals, and private asset growth drove robust shareholder returns.GBLBQ2 2025
- NAV per share up 3.8%, €1.1bn capital gains, €5.00 dividend, and double-digit TSR targeted.GBLBQ3 2024 & Strategy Update
- GBL achieved meaningful growth in H1 2024, raising its dividend and strengthening its portfolio.GBLBInvestor Presentation
- NAV per share remained strong as asset rotation and dividend growth drove performance.GBLBQ2 2024
- NAV per share at €111.17, dividend up 82%, and private assets drive portfolio growth.GBLBQ1 2025
Next Groupe Bruxelles Lambert earnings date
Q4 202625 Feb, 2027
Groupe Bruxelles Lambert
Next Groupe Bruxelles Lambert earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Groupe Bruxelles Lambert SA (GBL) is a Belgian investment holding company with a diverse portfolio spanning various industries. With a focus on long-term value creation, GBL invests in both listed and private companies, leveraging its stable and supportive family shareholder base to make strategic investments. The company is headquartered in Brussels, Belgium, and its shares are listed on the Euronext Brussels.