Groupe Bruxelles Lambert SA

Latest Results (20.12.2025):

Groupe Bruxelles Lambert SA — second quarter / first half 2025 (H1 2025): GBL reported a softer H1 2025 with net asset value (NAV) of EUR 14.4 billion (EUR 107.75 per share) and a consolidated net result (group’s share) of EUR 44 million for the period. Cash earnings remained resilient at EUR 320 million. The group continued active portfolio management (notably SGS disposals), delivered EUR 441 million of value from direct private assets and maintained strong shareholder returns via a EUR 5.00 FY‑2024 dividend paid in May 2025 and EUR 170 million of buybacks in H1 2025.

Key headline figures

NAV: EUR 14,352m (‑8.5% vs Dec‑31, 2024) — NAV per share EUR 107.75 (‑5% vs Dec‑31). Market capitalisation: EUR 9,630m. Consolidated net result (group’s share): EUR 44m (H1 2024: EUR 279m). Cash earnings: EUR 320m (H1 2024: EUR 333m).

Shareholder returns

Dividend: gross EUR 5.00 per share for FY 2024 (paid May 2025; total ~EUR 666m). Share buybacks: EUR 170m executed in H1 2025 (part of ongoing buyback programme); 5.2 million treasury shares cancelled following the May 2025 Extraordinary General Meeting, leaving 133.2 million shares outstanding.

Portfolio activity and value creation

Direct private assets generated EUR 441m of value (Affidea +EUR 399m, Sanoptis +EUR 36m). Listed‑asset disposals included EUR 772m of SGS sales in March 2025, producing a reported net capital gain of EUR 164m (note: IFRS 9 capital gains do not impact consolidated net result). GBL says it completed roughly half of the EUR 5bn anticipated disposals for 2024‑2027.

Balance‑sheet & liquidity

Gross cash EUR 2,335m; gross debt EUR 2,561m; reported net cash/(net debt) approximately EUR (222)m. Loan‑to‑Value is low at 1.6%, and liquidity available (reported) supports planned deployment toward direct private assets.

Market metrics & valuation

GBL’s quoted share price was EUR 72.30 (June 30, 2025), implying a discount to NAV of 32.9% (an improvement vs prior period). The group notes NAV pressure from listed‑asset market moves despite operational progress at many holdings.

Governance & strategy

Governance changes implemented in 2025: Ian Gallienne appointed Chairman and Johannes Huth became Managing Director to lead execution of the 2024‑2027 strategy. Strategy focus remains on increasing exposure to direct private assets (target deal equity ~EUR 500m–1.5bn), value creation in healthcare and disciplined capital allocation.

Other remarks

H1 2025 consolidated IFRS financial statements were approved by the Board on July 31, 2025 and subject to a limited audit by PwC. Management reiterates commitment to attractive cash returns (dividends + buybacks) and continued portfolio repositioning toward higher‑margin, controllable assets.