Groupe Bruxelles Lambert (GBLB) Q2 2025 earnings summary

Executive summary

• Achieved solid progress on strategic objectives in H1 2025, with value creation from both listed and private assets, including €441m from direct private assets mainly in healthcare platforms.

• Disposed of €0.8bn in listed assets, completing about half of planned €5bn disposals for 2024-2027.

• Delivered record dividend per share of €5.00, up 82%, and executed €170m in share buybacks, supporting NAV per share.

• Portfolio remains highly diversified across sectors and geographies, with active rotation and focus on growth and resilience.

• Maintains strong liquidity of €4.8bn and low loan-to-value ratio of 1.6% to support future acquisitions.

Financial highlights

• Cash earnings reached €320m in H1 2025, a minor decrease from €333m in H1 2024, mainly due to lower net dividends from investments.

• Consolidated net result was €44m, down from €279m in H1 2024, primarily due to lower contributions from GBL Capital.

• €441m value creation from direct private assets, led by Affidea (+€399m) and Sanoptis (+€36m).

• €0.2bn net capital gains from SGS share disposals, to be used for future dividends.

• NAV per share decreased to €107.75 as of June 30, 2025, from €115.15 at year-end 2024, reflecting disposals and market valuation impacts.

Outlook and guidance

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

• Continues to pursue mid-term objectives for 2024-2027, focusing on value creation and shareholder returns.

• Operational priorities include active portfolio management, ongoing acquisition strategy refinement, and cost optimization.

• Will continue to monitor market turbulence with discipline and vigilance.

• Plans to communicate FY 2025 dividend amount in March 2026, subject to shareholder approval.