Groupe Bruxelles Lambert (GBLB) Q3 2025 earnings summary

Executive summary

• Achieved significant progress toward mid-term objectives, with €3.9bn in disposals, representing 80% of the targeted amount for the period.

• Portfolio simplification advanced through major asset sales in listed and indirect private assets, and 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) as of September 30, 2025, was €14.0bn (€104.83 per share), down from €15.7bn (€113.30 per share) at year-end 2024.

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

• Net divestments totaled €747m, mainly from SGS share sales, crystallizing €164m in gains.

• Net debt improved to €248m from €460m at year-end 2024; loan-to-value (LTV) ratio reduced to 1.8%.

• Cash earnings remained stable at €311m; consolidated net result was -€209m, mainly due to GBL Capital's mark-to-market losses.

Outlook and guidance

• 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.