Groupe Bruxelles Lambert (GBLB) Q1 2025 earnings summary

Executive summary

• Governance strengthened with Johannes Huth as Managing Director and Ian Gallienne as Chairman, supporting strategic trajectory.

• Strategic focus on generating €7bn resources for private asset investments and shareholder returns over 2024-2027, with nearly half of planned disposals completed.

• Dividend per share increased by 82% to €5.00, yielding 7.6%, and 5.2m shares cancelled, reducing shares outstanding to 133.2m.

• Enhanced shareholder returns via increased dividend, ongoing share buybacks, and robust liquidity profile.

• Portfolio rotation continues, with significant disposals (adidas, SGS) and reinvestment in private assets.

Financial highlights

• Q1 2025 cash earnings: €101m, down from €149m in Q1 2024, mainly due to lower dividends and higher interest expenses.

• Consolidated net result: €94m in Q1 2025, compared to €194m in Q1 2024.

• NAV per share at March 31, 2025: €111.17; €112.82 pro forma for share cancellations.

• Liquidity profile remains strong at €5.6bn; LTV at 0.0%, lowest since 2017.

• Market capitalization: €9.5bn, up 4% from December 2024; discount to NAV narrowed to 38.1%.

Outlook and guidance

• Committed to double-digit total shareholder return (TSR) per annum through 2027, driven by NAV per share growth and increased distributions.

• Dividend per share raised to €5.00 for 2024, payable in 2025, with a 7.6% yield based on year-end 2024 share price.

• Ongoing opportunistic share buybacks, with a new €500m program approved and €110m completed in Q1 2025.

• Committed to executing €5bn of disposals from 2024–2027, with nearly half already completed.

• Portfolio companies, such as SGS, Pernod Ricard, and adidas, confirmed or reiterated positive 2025 outlooks, including organic growth and margin expansion.