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Groupe Bruxelles Lambert (GBLB) investor relations material
Groupe Bruxelles Lambert Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved significant progress toward mid-term objectives, with €3.9bn in disposals, representing 80% of the targeted amount for the period.
Portfolio simplification advanced through major asset sales in listed and indirect private assets, and exclusive negotiations to divest Sienna Investment Managers stakes.
Focus shifted to direct private assets, especially healthcare, with substantial value creation and a €150m equity injection in Affidea.
Delivered double-digit total shareholder return (TSR) of 16.5% and increased dividend per share by 82% to €5.00.
Financial highlights
Net asset value (NAV) as of September 30, 2025, was €14.0bn (€104.83 per share), down from €15.7bn (€113.30 per share) at year-end 2024.
Market capitalization rose 10.8% year-over-year to €10.1bn, with a 27.5% discount to NAV.
Net divestments totaled €747m, mainly from SGS share sales, crystallizing €164m in gains.
Net debt improved to €248m from €460m at year-end 2024; loan-to-value (LTV) ratio reduced to 1.8%.
Cash earnings remained stable at €311m; consolidated net result was -€209m, mainly due to GBL Capital's mark-to-market losses.
Outlook and guidance
On track to execute €5bn in disposals from 2024–2027, redeploying proceeds into new assets and shareholder returns.
Direct private assets expected to increase in portfolio weight, with continued focus on healthcare and value creation.
GBL Capital divestment discount rationale
Direct private asset growth sustainability
Negative net result vs. shareholder returns
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Next Groupe Bruxelles Lambert earnings date
Q4 20257 Apr, 2026
Next Groupe Bruxelles Lambert earnings date
Q4 20257 Apr, 2026
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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.
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