Groupe Bruxelles Lambert (GBLB) Q2 2024 earnings summary

Executive summary

• Active strategy execution in H1 2024 and H1 2023 with dynamic asset rotation, strong balance sheet, and focus on shareholder returns.

• Net realized gains of €630m from partial adidas stake sale in 2024; disposals in 2023 included Holcim, Mowi, and Pernod Ricard.

• Private assets, notably Affidea and Sanoptis, delivered strong double-digit sales growth and outperformed plans in both periods.

• Webhelp's merger with Concentrix positioned as a transformative event, making GBL the largest shareholder in the new entity.

• Financial flexibility enhanced by a €500m bond issue in 2023 and a solid liquidity profile in 2024.

Financial highlights

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

• NAV per share at €113.90 as of June 30, 2024, compared to €119.30 in June 2023 and €116.19 at year-end 2023.

• Cash earnings of €333m in H1 2024 and €388m in H1 2023, reflecting lower net dividends and strong GBL Capital contributions.

• LTV at 7.4% in June 2024, down from 11.7% in June 2023.

• Liquidity profile of €3.8bn in 2024 and €4.2bn in 2023.

Outlook and guidance

• Dividend per share for FY 2024 set at €5.00, an 82% increase vs. FY 2023, subject to approval.

• Ordinary dividend payout policy: 75%-100% of cash earnings, with potential for exceptional dividends.

• Focus on value creation, financial discipline, ESG initiatives, and a strategic update planned for November 7, 2024.