Slides
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Delivering meaningful growth Delivering meaningful growth
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2 9M 2025 results presentation November 7, 2025
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3 Table of contents 1. Strategy & performance…………………………………………..........4 2. Financial update ………………………………………..........…...........13 3. Outlook ……………………………………………...........................…... 16 4. Appendix ……………………………………………………………............ 19
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4 1. Strategy & performance
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5 Further progress on the strategic objectives for the 9M 2025 (1) Strategy & performance | Strategic priorities (1/3) (1) Information on GBL’s mid-term outlook (2024-2027) can be found in the Strategic Update presentation in the “Investors” section of www.gbl.com Portfolio simplification1 Attractive returns to shareholders3 Focus on direct private assets2
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6 Portfolio simplification: disposals across multiple asset classes Strategy & performance | Strategic priorities (2/3) (1) GBL remains the #1 shareholder and continues to support the company, its management and its strategy (2) In accordance with IFRS 9, capital gains (losses) do not impact GBL’s net result (3) Announced November 3, 2025; includes the transfer of €0.6bn of unfunded commitments (4) To be received by Q4 2026 / Q1 2027 (5) Announced October 2, 2025 Indirect private assets Third-party asset management (listed assets) (private debt) €0.8bn MoIC 1.7x capital gains(2) €0.2bn Listed assets total proceeds 1 €1.5bn total proceeds(4) Transactions expected to close by Q4 2025 / Q1 2026 Partial disposal in March 2025 from 19.1% to 14.6% of the capital(1) Exclusive negotiations(5) to sell stakes in this activity to Malakoff Humanis Significant monetization from the sale(3) of a large portion of assets €3.9bn of total proceeds from disposals of listed assets and GBL Capital under the mid-term plan, or approximately 80% of the targeted amount These activities will gradually be discontinued
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7 Focus on direct private assets: significant value creation Strategy & performance | Strategic priorities (3/3) (1) Affidea + €478m, Sanoptis + €99m, Canyon - €2m, Voodoo + €10m and Parques Reunidos - €0m (2) October 7, 2025 (3) Approved at GBL’s General Shareholders’ Meeting of May 2, 2025 for FY 2024; Paid as from May 13, 2025 (4) September 30, 2024 to September 30, 2025 2 driven by the healthcare companies Ongoing value creation + €584m(1) Fuel for future growth capital injection(2) + €150m Financial firepower Loan to Value 1.8% Liquidity €4.8bn Attractive returns to shareholders: double-digit TSR3 Ongoing share buybacksRecord-high dividend per share + 82% to €5.00(3) €259m Performance metrics NAV per share €104.83 TSR 16.5%(4) Total cash returns: €925m
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8 Focus on operational performance Strategy & performance | Listed assets Listed assets (54% of the portfolio) • Additional progress toward mid-term objectives(1), which include: • organic sales: + 5% to + 7% annually • adjusted operating margin progression of + 1.5%, with at least + 30 bps in 2025 • dynamic M&A • 9M 2025: • + 5.5% organic sales growth • 17 acquisitions(2), including that of major US player ATS, thereby strengthening(3) the group’s position in North America • confirmation of 2025 outlook(4) 18% of the portfolio Please refer to company-specific communications for more detail (1) Through 2027 as part of Strategy 27 (2) As at October 23, 2025 (3) The target to at least double sales in North America is already 80% achieved following this acquisition (4) +5% to +7% organic sales growth; 1% to 2% bolt-on contribution to annual sales growth; at least 30 basis points improvement in adjusted operating margin (in reported terms); strong free cash flow generation (5) Currency neutral • Continued operational progress across the business • 9M 2025: • + 14% sales growth(5) of the adidas brand • double-digit growth(5) across all markets and channels • significant operating margin expansion • 2025 guidance upgraded: • double-digit sales growth(5) of the adidas brand • market share gains • ~ €2.0bn of operating profit (vs. €1.7bn - €1.8bn previously and €1.1bn in 2024) - Resilient sector (TIC) and model (B-to-B) - Highly-fragmented market offers attractive consolidation opportunities 9% of the portfolio - Powerful secular trends (e.g., athleisure, health & wellness) are driving growth of sporting goods - Strong brand (i.e., brand equity and heat, innovation, sponsorships)
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9 Strategy & performance | Listed assets Listed assets (54% of the portfolio) Please refer to company-specific communications for more detail Pernod Ricard’s financial year ends June 30 (1) Wine disposals completed April 30, 2025; Imperial Blue disposal announced July 23, 2025 and subject to regulatory approvals (2) FY 2023 - FY 2025: €900m delivered; FY 2026 - FY 2029: €1bn targeted (3) Organic Profit from Recurring Operations (“PRO”) (4) Based on an unchanged macroeconomic environment and no further deterioration of exchange rates as from October 30, 2025 • Strategic portfolio refocusingon higher-margin, premium products, with the 2025(1) disposals of: • the wine business • Imperial Blue • Significant efficiencies(2) to offset top-line headwinds from, in particular, macroeconomic and geopolitical factors, such as tariffs • FY 2026: improving organic net sales, skewed toward H2 • FY 2027 - FY 2029: • organic net sales: + 3% to + 6% p.a. • margin(3) expansion p.a. Favorable long-term trends: - premiumization in the spirits sector - growing penetration in emerging markets 11% of the portfolio • Adapting to a new context of delayed market recovery • Launch of a comprehensive cost reduction and performance improvementprogram • Advanced discussions with a potential minority investor in the EMILI lithium project • 2025 guidanceconfirmed: • adjusted EBITDA of €540m - €580m(4) 8% of the portfolio - Growing market for mineral-based specialty solutions - Diversified exposure in terms of end markets and geographies Focus on operational performance
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10 Focus on operational performance Strategy & performance | Listed assets Listed assets (54% of the portfolio) Please refer to company-specific communications for more detail (1) Announced in March 2025 (2) The sale of permanently tied up gold inventories in favor of revolving metal leases with various counterparties was completed October 13, 2025 (3) Net cash proceeds (post-tax amounts) are pro forma based on tax rules applicable to each country (4) 1.75% - 2.0% vs. 1.0% - 2.0% previously (5) Adjusted free cash flow of $585m - $610m and shareholder returns (dividends + share buybacks) of $240m • Progress on the promising 2028 roadmap(1): • balancing capital allocation • maximizing cash generation potential of the foundation businesses • Solid H1 2025: • strong contributions from efficiencies across the group • better-than-anticipated performance of the Catalysis Business Group • upgraded 2025 adjusted EBITDA guidance: • €790m - €840m vs. €720m - €780m 4% of the portfolio • Momentum behind new solutions, notably in the context of AI, reflecting the group’s agility • Long-term growth supported by ongoing investments • 9M FY 2025: • strong sales momentum, driving an upward revision of FY 2025 guidance (4) • margin impacted by excess capacity as clients navigated uncertainty on tariffs • FY 2025 guidance: • sizeable free cash flow and shareholder returns (5) 3% of the portfolio • Sale of gold inventories at record-high prices(2) • net cash proceeds(3) of €416m
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11 Solid operational performance overall and ongoing value creation Strategy & performance | Direct private assets (1) Affidea, Sanoptis and Canyon (+ €574m in total), Voodoo (+ €10m) and Parques Reunidos (- €0m) (2) Like-for-like growth, excluding impact of acquisitions done in the latest period (3) Includes annualization of closed clinic M&A (4) Uses the perimeter of the earliest period annualized for closed clinic M&A (5) MoIC = (realized value + unrealized value (NAV)) / total investment Direct private assets (29% of the portfolio) Challenging context for the bicycle sector Dynamic momentum to be further fuelled by a €150m equity injection + €584m (1) Value creation for the 9M 2025 + 21% sales growth + 8% (2) organic (7)% sales evolution 2.0x MoIC (5) 0.7x MoIC (5) Rapidly consolidating international leadership with top positions in 4 of 6 countries + 15% (3) sales growth + 8% (4) organic 1.5x MoIC (5) NAV €267m NAV €1,954m NAV €1,078m
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Listed assets: - Net disposals to support value crystallization and the shift to direct private assets: - SGS: partial disposals of €772m in March 2025 to benefit from the share price rebound - Change in fair value due, in part, to valuation impacts from recent market turbulence Direct private assets: - Ongoing value creation: + €584m(1), driven by the healthcare assets Indirect private assets (GBL Capital): - Significant distributions and unfavorable changes in fair value were the main factors Other: - Lower net debt 12 NAV per share (1) Affidea + €478m, Sanoptis + €99m, Canyon - €2m, Voodoo + €10m and Parques Reunidos - €0m (2) Pro forma following the cancellation of 5.2m treasury shares approved at GBL’s Extraordinary General Meeting of May 2, 2025 Strategy & performance | Net Asset Value per share evolution NAV per share €115.15 (2) €m NAV per share €104.83 15,681 (755) (1,206) 602 (581) 223 13,963 Net Asset Value 12/31/2024 Listed assets - net disposals Listed assets - change in fair value Direct private assets GBL Capital & SIM Other - net financial position and treasury share movements Net Asset Value 9/30/2025
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13 2. Financial update
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14 Financial update In €m 9M 2024 9M 2025 Δ Net dividends from investments 346 291 (55) Listed and private assets 274 235 (40) GBL Capital 71 56 (15) Interest income (expenses) (1) 6 + 7 Other financial income (expenses) 10 51 + 41 Other operating income (expenses) (41) (37) + 4 Gains (losses) on disposals, impairments, reversal of non- recurring assets 2 - (2) Taxes (0) (0) 0 Cash earnings 315 311 (4) Cash earnings Resilient cash earnings of €311m Near stability in cash earnings for 9M 2025 compared to 9M 2024, primarily due to: - lower net dividends from investments of €291m (compared to €346m), including a lesser contributions from: - SGS, following the stake reduction in Q1 2025 - Umicore Lower net dividends from investments were partially offset by greater financial income primarily Consolidated net result of €(209)m for the 9M 2025, compared to €55m for the 9M 2024, primarily attributable to the contribution from GBL Capital
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15 Active balance sheet management and solid financial position Financial update Acquisition of the healthcare private assets Partial disposal of SGS shares 0% 5% 10% 15% 20% 25% Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 LTV of 1.8%Liquidity profile of €4.8bn 30/09/2025 2025 2026 2027 2028 2029 2030-2033 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Debt Maturity Profile Loan To Value Institutional bonds €1,500m Exchangeable bonds into Pernod Ricard shares €500m Convertible bonds into GBL shares €500m Other €61m Undrawn committed credit lines €2,450m - Well spread maturities - Ample financial headroom 1.8% 9/30/2025 €m
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16 3. Outlook
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17 Operational focus Outlook | Operational focus Delivering meaningful growth 1 Executing our strategy 2 Active portfolio management - Sector focus - Investment parameters 3 Ongoing refinement of the acquisition strategy 4 Optimization of internal processes and cost management
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18 Committing to double-digit TSR, driven by NAV per share growth and attractive shareholder distributions Outlook | Mid -term 2024 – 2027 NAV per share growth Increased distributions to shareholders from an enhanced dividend per share of €5.00(1) and share buybacks (1) Approved at GBL’s General Shareholders’ Meeting of May 2, 2025 and paid as from May 13, 2025 (2) Assuming constant discount vs. Q3 2024 Double -digit TSR per annum (2) GBL will continue to monitor market turbulence with discipline and vigilance
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4. Appendix 19
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20 Highly-diversified portfolio for growth and resilience Thanks to active portfolio rotation, GBL’s portfolio is concentrated, yet well diversified Appendix | Portfolio overview As of September 30, 2025 Does not include the NAV of Sienna Investment Managers of €60m (< 1% of the group total), as its core activity is third-party asset management (1) Includes Ontex, GEA and TotalEnergies (2) Initial investment was in private company Webhelp, prior to its combination with listed company Concentrix on September 25, 2023 (3) 14.99% (4) Of which Concentrix ordinary shares for €342m and Concentrix earn-out shares for €5m (5) % weight of total GBL portfolio Listed Direct private Indirect private Other(1) HQ Sectors Investment year 2013 2006 2015 1987 2013 2019 (2) - 2022 2022 2021 2021 2019 2013 Equity stake (% of capital) 14% 7% 4% 55% 16% 14% - 99% 84% 51% 15% (3) 23% 100% Largest shareholder in 76% of our portfolio Stake value (€bn) 2.5 1.4 1.1 1.0 0.6 0.4(4) 0.1 2.0 1.1 0.3 0.3 0.3 2.2 % of total(5) 18% 11% 9% 8% 4% 3% 0% 15% 8% 2% 2% 2% 17% Market value (€bn) 17 21 32 2 4 2 - consumerservices sustain- ability diversifiedsustain- ability health- care health- care consumer digital leisurediversified consumer digital
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21 Diversification in terms of sector and geography As at September 30, 2025 (1) Company headquarters Appendix | Portfolio by sector and geography 21 SECTOR GEOGRAPHY (1) Consumer, 24% Healthcare; 23% Services; 18% GBL Capital & other; 17% Industry; 12% Digital; 5% Switzerland, 27% France, 21% Other; 17% Netherlands; 15% Germany; 11% Belgium; 5% United States; 3% Spain; 2%
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22 This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by GBL. This document should not be construed as an offer, invitation to offer, or solicitation, or any advice or recommendation to buy, subscribe for, issue or sell any financial instrument, investment or derivative thereof referred to in this document or as any form of commitment to enter into any transaction in relation to the subject matter of this document. This presentation has not been reviewed or registered with any public authority or stock exchange. Persons into whose possession this presentation come are required to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation. Prospective investors are required to make their own independent investigations and appraisals of GBL before taking any investment decision with respect to securities of GBL. GBL does not make any representation or warranty (expressed or implied) as to the accuracy or completeness of the information contained in this document and as to the accuracy of the projections, estimates, assumptions and figures contained in this document. By receipt of this document, the recipient agrees that GBL (or either of its shareholders, directors or employees) shall have no liability for any misstatement or omission or fact or any opinion expressed herein, nor for the consequences of any reliance upon any statement, conclusion or opinion contained herein. All value indications included in this document are derived from the financial markets as of the date of this report. It is therefore obvious that a modification of the conditions prevailing in the financial markets will have an effect on the figures present hereafter. This document is the exclusive property of GBL. Recipient of this presentation may not reproduce, redistribute or pass on, in whole or in part, this presentation to any person. In the context of the management of its public relations, GBL processes information about you which constitutes “personal data”. GBL has therefore adopted a General Privacy Policy available on its website (http://www.gbl.com/en/General_Privacy_Policy ). We invite you to carefully read this General Privacy Policy, which sets out in more detail in which context we are processing your personal data and explains your rights and our obligations in that respect. By using or retaining a copy hereof, user and/or retainer hereby acknowledge, agree and accept that they have read this disclaimer and agreed to be bound by it. Disclaimer
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For more information: Xavier Likin Chief Financial Officer Tel: +32 2 289 17 72 xlikin@gbl.com Alison Donohoe Head of Investor Relations Tel: +32 2 289 17 64 adonohoe@gbl.com Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with seventy years of stock exchange listing and a net asset value of €14.0bn at the end of September 2025. As a leading and active investor in Europe, GBL focuses on long -term value creation with the support of a stable family shareholder base. GBL is focused on delivering meaningful growth by providing attractive returns to its shareholders through a combination of growth in its net asset value per share, a sustainable dividend and share buybacks. GBL is listed on Euronext Brussels (Ticker: GBLB BB; ISIN code: BE0003797140) and is included in the BEL20 index. The definitions of alternative performance indicators and, where applicable, their calculation methods can be found in the glossary available on GBL’s website: http://www.gbl.com/en/glossary 23