Groupe Bruxelles Lambert (GBLB) Q2 2026 earnings summary

Executive summary

• Achieved substantial portfolio simplification with over €5bn in disposals since 2024, including exits from Umicore, reductions in Concentrix, and other non-core assets, with redeployment into new direct private investments in business services, consumer, healthcare, light industrials, and technology.

• Deployed €2.3bn into three new direct private investments: Rayner, BUKO Group, and Recordati, supporting value creation and portfolio diversification.

• Delivered double-digit total shareholder return (TSR) of 17.5% year-over-year, meeting the annual target, with increased dividend per share and ongoing share buybacks.

• Returned €773m to shareholders through dividends and buybacks, with gross dividend per share increased to €5.125.

Financial highlights

• NAV per share decreased from €105.37 at year-end 2025 to €100.77 at June 30, 2026, a 4.4% decline.

• NAV: €13.1bn, down 6.8% from year-end 2025.

• Cash earnings of €296m in H1 2026, down from €320m in H1 2025; consolidated net result increased to €53.5m from €44m.

• Market capitalization: €10.3bn, up 2.3% from year-end 2025.

• Liquidity profile of €4.6bn and LTV of 0.0% as of June 30, 2026.

Outlook and guidance

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

• Focus on integrating new investments, active portfolio management, ongoing process optimization, and cost management.

• Dividend per share of €5.125 expected to remain stable in coming years, subject to approval.

• Continued shift toward direct private assets to reduce exposure to listed asset volatility.