Groupe Bruxelles Lambert (GBLB) Investor Presentation summary

Strategy and performance

• Active strategy execution in H1 2024 included dynamic asset rotation, notably €630m net realized gains from partial adidas stake sale and €123m value creation in private assets.

• Ongoing value creation from GBL Capital (+€139m) and preservation of a solid balance sheet with LTV at 7.4%.

• Dividend per share for FY 2024 significantly increased to €5.00, subject to shareholder approval.

• Listed assets (61% of portfolio) showed strong performance, with adidas, SGS, Imerys, Concentrix, and Umicore all executing strategic initiatives and reporting positive outlooks.

• Private assets (20% of portfolio) delivered robust growth, with Affidea, Sanoptis, and Canyon all reporting double-digit organic sales increases and value creation.

Financial update

• H1 2024 consolidated net result was €279m, down from €450m in H1 2023, mainly due to lower contributions from operating companies and negative mark-to-market effects.

• Cash earnings reached €333m, reflecting lower net dividends from investments but a significant contribution from GBL Capital.

• Net Asset Value (NAV) per share was €113.90 at June 30, 2024, rising to €116.19 by end-August, driven by positive share price movements in key holdings.

• Liquidity profile remains strong with €3.8bn available and a low LTV of 7.4%.

Outlook

• Dividend per share for FY 2024 set at €5.00, an 82% increase versus FY 2023, with a yield of 7.5%.

• Focus on value creation, financial discipline, and ESG commitment, with continued support for portfolio companies' growth and strategic development.

• Cash returns to shareholders will combine dividends and share buybacks.

• Strategic update on mid-term trajectory scheduled for November 7, 2024.