Groupe Bruxelles Lambert (GBLB) Q3 2026 earnings summary

Executive summary

• NAV was €12.9bn at September 30, 2026; listed assets were 50% of the portfolio, direct private assets 42%, and non-core assets 8%.

• Portfolio streamlining included exits from Umicore and Concentrix and a wind-down of GBL Capital; new direct investments in Rayner, BUKO and Recordati totaled up to €2.4bn in equity.

• Direct private asset NAV rose €1.1bn to €5.3bn, including €190m of value creation, led by Affidea and Sanoptis and supported by Canyon's turnaround.

Financial highlights

• 9M 2026 cash earnings were €306m versus €311m; consolidated net result was €29m versus a €209m loss, largely reflecting GBL Capital's €42m contribution versus a €303m loss in 2025.

• NAV was €12.878bn, down 8.2% from December 2025; NAV per share was €99.21 versus €105.37 at year-end 2025.

• Net investments were €786m, comprising €1,563m of investments and €778m of divestments and distributions.

Outlook and guidance

• The FY2025 dividend per share was increased to €5.1256, a 6.7% yield based on the December 31, 2025 share price; the dividend is expected to remain stable thereafter.

• SGS confirmed FY 2026 organic sales growth guidance of 5%–7%; Imerys raised adjusted EBITDA guidance to €570m–€590m from €550m–€580m.

• adidas maintained 2026 currency-neutral revenue growth guidance of 9%–10% and raised operating profit guidance to ~€2.5bn from €2.3bn; 2027–2028 guidance was reaffirmed.

• Pernod Ricard expects broadly stable organic net sales in FY 2027 and growth at the lower end of 3%–6% over FY 2027–FY 2029, supported by an accelerated €1bn efficiency program.