Groupe Bruxelles Lambert (GBLB) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened with the appointment of the secretary and scrutineers, and confirmation of legal and statutory formalities.

• Attendees were reminded of meeting protocols and the presence of the CEO and CFO was noted.

Financial performance review

• Achieved a net debt position of zero, providing a strong financial base for future opportunities.

• Portfolio rebalanced to 60% listed assets and 40% private assets, with a medium-term target of 50% private assets by 2027.

• €7 billion in liquidity targeted by 2027, with €5 billion from asset disposals, of which €2.4 billion already completed.

• 2024 consolidated net profit was €132 million, with resilient cash earnings and a strong liquidity profile of €5.1 billion at year-end.

• Loan-to-value ratio reduced to zero after partial SGS share sale, and Moody’s A1 credit rating maintained.

Board and executive committee updates

• Johannes Hutt nominated as new executive director, replacing Yann Gallienne, who becomes Chairman.

• Leadership transition highlighted, with recognition of outgoing CEO’s 14-year tenure and transformation of the group.

• New executive’s compensation is fully indexed to share price performance, and he has personally invested €50 million in shares.