Groupe Bruxelles Lambert (GBLB) Q3 2025 earnings summary

Executive summary

• Achieved meaningful growth and significant progress toward mid-term objectives through portfolio simplification, focus on direct private assets, and attractive shareholder returns, including €3.9bn in disposals representing 80% of the targeted amount.

• Advanced asset sales in listed and indirect private assets, with exclusive negotiations to divest Sienna Investment Managers stakes.

• Focus shifted to direct private assets, especially healthcare, with substantial value creation and a €150m equity injection in Affidea.

• Delivered double-digit total shareholder return (TSR) of 16.5% and increased dividend per share by 82% to €5.00.

Financial highlights

• Net Asset Value (NAV) per share at €104.83 as of September 30, 2025, down from €115.15 at year-end 2024, reflecting disposals and market turbulence.

• Cash earnings of €311m, nearly stable year-over-year, despite lower net dividends from investments.

• Consolidated net result of €(209)m for 9M 2025, mainly due to GBL Capital's mark-to-market losses.

• Liquidity profile of €4.8bn and Loan to Value (LTV) ratio of 1.8%, indicating a strong balance sheet.

• Market capitalization rose 10.8% year-over-year to €10.1bn, with a 27.5% discount to NAV.

Outlook and guidance

• Committed to delivering double-digit Total Shareholder Return (TSR) per annum through 2027, driven by NAV per share growth and enhanced shareholder distributions.

• On track to execute €5bn in disposals from 2024–2027, redeploying proceeds into new assets and shareholder returns.

• Direct private assets expected to increase in portfolio weight, with continued focus on healthcare and value creation.

• Ongoing operational focus on portfolio management, acquisition strategy refinement, and cost optimization.