Groupe Bruxelles Lambert (GBLB) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026, advancing portfolio simplification, focusing on direct private assets, and delivering double-digit TSR and increased dividend per share.

• Completed or announced disposals across listed, non-core, and indirect private assets, with €4.9bn of €5bn disposal target achieved for 2024-2027.

• Strategic redeployment of proceeds prioritized direct private investments in business services, consumer, healthcare, light industrials, and technology.

• Strengthened management team and maintained a highly diversified portfolio, with 52% in listed assets and 37% in direct private assets as of March 2026.

Financial highlights

• Net Asset Value (NAV) at March 31, 2026 was €13.3bn (€99.86 per share), with a pro forma NAV per share of €100.44 after share cancellations.

• Cash earnings increased to €122m in Q1 2026 from €101m in Q1 2025, driven by higher dividends and interest income.

• Consolidated net result was €65m, down from €94m in Q1 2025, due to lower results from consolidated operating companies.

• Liquidity profile remains strong at €6.2bn, with a loan-to-value (LTV) ratio of 0.0%.

• Market capitalization rose 2.4% to €10.4bn; share price increased to €77.75.

Outlook and guidance

• Reiterated commitment to double-digit TSR per annum for 2024-2027, driven by NAV per share growth and attractive distributions.

• Portfolio simplification proceeds reached €4.9bn, or 97% of the mid-term plan target.

• Dividend per share set at €5.125, with ongoing share buybacks planned and expected to remain stable in subsequent years.

• Operational focus on active portfolio management, internal process optimization, and cost management to deliver meaningful growth.

• Listed portfolio companies, such as SGS and adidas, confirmed or reiterated positive full-year outlooks.