AI Terminal
Groupe Bruxelles Lambert SA
Investor Presentation • May 2, 2025
3955_10-q_2025-05-02_621dc241-7b99-4171-95f4-e76c0904633d.pdf
Investor Presentation
Open in ViewerOpens in native device viewer
Solid progress toward achieving the mid-term objectives1
Ongoing value creation of direct private assets, reaching + €149m2
- growth driven by healthcare companies Affidea and Sanoptis
- Sanoptis: €250m capital raise in preferred equity from Carlyle to accelerate growth and M&A
Completion of nearly half of the disposals anticipated over the medium term
- SGS stake reduction of €0.8bn in Q1 2025, bringing total disposals since 2024 to €2.4bn
- stake reduction from 19.1% to 14.6%; GBL remains the largest SGS shareholder, supportive of the company, its management and strategy
- SGS partial disposal generated a capital gain3 of €0.2bn and MoIC of 1.7x
Solid balance sheet to support attractive investment opportunities
- liquidity profile of €5.6bn
- LTV of 0.0%, at its lowest level since 2017
Net asset value per share of €111.174 , supported by ongoing share cancellations
- 5.2m shares cancelled at the Extraordinary General Meeting of May 2, 2025
Commitment to attractive shareholder distributions
- dividend per share: €5.005 , representing a yield of 7.6%6 , an + 82% increase and a new base for steady growth
- share buybacks: €110m in Q1 2025
Governance evolution at GBL to further support the strategy
- Ian Gallienne becoming Chairman of the Board, with Paul Desmarais, Jr. becoming Vice Chairman
- Johannes Huth becoming Managing Director
Ian Gallienne, Chairman of GBL, remarked, "GBL is well positioned to execute successfully its strategic trajectory with the discipline and vigilance required in the current uncertain and volatile environment. We have realized nearly half of the disposals anticipated over the medium term, thereby further reinforcing our liquidity profile to support new private investments and shareholder returns."
Johannes Huth, Managing Director of GBL, added, "Building upon the foundations established by Ian Gallienne and the rest of the team, I look forward to contributing my experience to achieve the group's value creation ambitions."
6 Based on GBL's share price of €66.05 as at December 31, 2024
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
2 Affidea (+ €116m), Sanoptis (+ €32m), Canyon (- €1m), Voodoo (+ €2m) and Parques Reunidos (- €0m)
3 In accordance with IFRS 9, capital gains (losses) do not impact GBL's consolidated net result
4 €112.82 pro forma for cancellation of 5.2m treasury shares approved at GBL's Extraordinary General Meeting of May 2, 2025
5 Dividend per share of €5.00 for FY 2024; approved at GBL's General Shareholders' Meeting of May 2, 2025 and payable as from May 13, 2025
Subsequent events
New governance at GBL
The Ordinary General Meeting of May 2, 2025 approved the governance changes communicated on March 13, 2025. These changes went into immediate effect following the Meeting.
Paul Desmarais, Jr., having asked to step down as Chairman of GBL's Board of Directors, has become Vice Chairman, with Ian Gallienne assuming the role of Chairman.
As such, Ian Gallienne has relinquished his CEO position, and Johannes Huth has taken on the executive responsibility of Managing Director.
Johannes Huth, most recently a Partner and Chairman of operations in EMEA at KKR, will oversee the execution of the group's mid-term strategic trajectory1 , which includes, among other objectives, increasing the weight of private assets within GBL's portfolio.
Significantly higher dividend
The Ordinary General Meeting of May 2, 2025 approved the profit allocation related to the 2024 financial year in the form of a gross dividend per share of €5.00, an + 82% increase over the prior year. The dividend yield equates to 7.6%2 . The dividend coupon will be detached on May 9, 2025 and paid as from May 13, 2025.
Share cancellations
The Extraordinary General Meeting of May 2, 2025 approved the cancellation of 5.2m treasury shares, reducing the total shares outstanding to 133.2m.
2 Based on GBL's share price of €66.05 as at December 31, 2024
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
Section I: Investment portfolio
As of March 31, 2025, GBL's NAV totaled €15.4bn. Within the portfolio, listed assets accounted for 55%, while direct private assets and indirect private assets (GBL Capital) represented 24% and 20%, respectively.
A. Listed assets (55% of the portfolio)
Listed assets include stakes in SGS, Pernod Ricard, Imerys and adidas, among others.
A.1. NAV composition
A.2. NAV evolution
The NAV of the listed assets as of March 31, 2025 stood at €7.9bn, compared to €9.1bn as of December 31, 2024. The most significant impact on the evolution of the NAV came from a reduction in the group's stake in SGS, representing €772m. The recent market turbulence explains, in part, the change in fair value, having impacted in particular certain consumer names, such as Pernod Ricard and adidas, as well as SGS.
B. Direct private assets (24% of the portfolio)
Direct private assets include controlling stakes in Affidea, Sanoptis and Canyon (fully consolidated assets) as well as minority stakes in Voodoo and Parques Reunidos (non-consolidated assets or assets accounted for using the equity method). Given the attractive long-term potential of direct private assets, GBL's ambition has been to increase over time its involvement in this asset category.
B.1. NAV composition
B.2. NAV evolution
At the end of March 2025, the NAV stood at €3.5bn, an increase of + €165m compared to year-end 2024. This increase predominately reflects value creation of + €149m, driven by the healthcare platforms Affidea and Sanoptis.
€m
Direct private assets - Q1 2025 NAV evolution
C. Indirect private assets (20% of the portfolio)
formerly Sienna Capital
GBL Capital, established in 2013, is the group's indirect private asset activity that invests in funds and co-investments.
C.1. NAV composition
NAV of GBL Capital 3/31/2025
C.2. NAV evolution
GBL Capital's NAV stood at €2.8bn at the end of March 2025, compared to €2.7bn at the end of December 2024. The principal contribution to the increase in NAV was investments totaling €107m, the most significant of which were capital calls for AlpInvest (€13m), Stripes (€12m) and Human Capital (€11m). Following significant distributions in FY 2024, Q1 2025 distributions were relatively modest and came exclusively from funds. The change in fair value over the period is composed of value creation from funds that was offset by the evolution of the co-investments.
In March 2025, GBL Capital took a 5% GP stake in Sagard for €30m and agreed to make capital commitments totaling €250m over the next five years. Additional information can be found here.
Section II: Financial performance and key data1
| €m | End of March | End of December | ||
|---|---|---|---|---|
| (Group's share) | 2025 | 2024 | 2024 | Variation2 |
| Net asset value | 15,385 | 16,998 | 15,681 | - 1.9% |
| Net asset value per share3 | 111.17 | 115.87 | 113.30 | - 1.9% |
| Market capitalization | 9,522 | 10,278 | 9,141 | + 4.2% |
| Market capitalization per share3 | 68.80 | 70.06 | 66.05 | + 4.2% |
| Discount | 38.1% | 39.5% | 41.7% | - 3.6% |
| Net investments/(divestments) | (548) | (297) | (1,724) | (250) |
| Net cash/(Net debt) | 79 | (1,811) | (460) | 539 |
| Loan To Value | - | 10.1% | 3.0% | - 3.0% |
| Cash earnings | 101 | 149 | 336 | - 32.2% |
| Cash earnings per share3 | 0.73 | 1.01 | 2.43 | - 28.2% |
| Consolidated net result | 94 | 194 | 132 | (100) |
| Consolidated net result per share 3 |
0.76 | 1.50 | 0.99 | (0.74) |
Net asset value per share amounted to €111.17 as at March 31, 2025 compared to €113.30 as at December 31, 2024.
Net investments/(divestments) in Q1 2025 totalled €(548)m, with the majority reflecting divestments of SGS shares for €(772)m. These disposals crystallized €164m of gains4 and are aligned with GBL's strategic trajectory as communicated at the group's mid-term Strategic Update on November 7, 2024. Subject to market conditions, GBL intends to execute €5bn of disposals from 2024 through 2027, to be redeployed into new assets and returns to shareholders, nearly half of which has been completed. Net investments/(divestments) also include €234m of investments, primarily comprising share buybacks of €110m and capital calls for GBL Capital of €107m.
GBL held net cash of €79m on March 31, 2025, compared to net debt of €(460)m on December 31, 2024.
Cash earnings amounted to €101m as at March 31, 2025 compared to €149m as at March 31, 2024. This evolution principally reflects lower net dividends from investments in Q1 2025, in particular those received from SGS and GBL Capital. Cash earnings were also impacted by higher interest expenses in Q1 2025, as Q1 2024 included more favorable contributions from GBL Capital and Concentrix (interest income from the note which was nearly fully monetized in Q3 2024).
The consolidated net result of €94m as at March 31, 2025 compares to €194m as at March 31, 2024. The main elements contributing to the difference are cash earnings and GBL Capital.
(124.6m, 133.5m and 129.3m respectively) used to determine the basic earnings per share 4 In accordance with IFRS 9, capital gains (losses) do not impact GBL's consolidated net result
1 The definitions of alternative performance indicators and, where applicable, their calculation methods can be found in the glossary available on GBL's website: www.gbl.com/en/glossary
2 Variation between March 2025 and March 2024 for the consolidated net result, cash earnings and net investments/(divestments), and between March 2025 and December 2024 for net asset value, market capitalization, discount, net cash/(net debt) and Loan To Value
3 Calculation per share based on the number of shares issued as of March 31, 2025, December 31, 2024 and March 31, 2024 (138.4m, 138.4m and 146.7m respectively), except for the net result per share which refers, in accordance with IFRS, to the weighted average number of shares
Financial calendar and other regulated information
| Extraordinary and Ordinary General Shareholders' Meetings 2025 | May 2, 2025 |
|---|---|
| Ex-dividend | May 9, 2025 |
| Dividend payment | May 13, 2025 |
| Report on payments to governments available on GBL's website | May 30, 2025 |
| Half-year results 2025 | July 31, 2025 |
| Results as of September 30, 2025 | November 6, 2025 |
These dates may be subject to change.
Quiet periods
July 1 – July 31, 2025 October 22 – November 6, 2025
For more information
Xavier Likin Chief Financial Officer Tel: + 32 2 289 17 72 [email protected]
Alison Donohoe Head of Investor Relations Tel: +32 2 289 17 64 [email protected]
About Groupe Bruxelles Lambert
Groupe Bruxelles Lambert ("GBL") is an established investment holding company, with seventy years of stock exchange listing and a net asset value of €15.4bn at the end of March 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 aims to grow its diversified high-quality portfolio of listed, direct private and indirect private investments.
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.
Appendix A: Investment portfolio details
A.1. Net asset value
As of March 31, 2025, GBL's net asset value amounts to €15.4bn (€111.17 per share), compared to €15.7bn (€113.30 per share) at year-end 2024. Relative to the share price of €68.80, the discount as of end March 2025 stood at 38.1%.
| March 31, 2025 | December 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|
| % in capital |
Stock price (€)1 |
(€m) | Variation | % in capital |
Stock price (€)1 |
(€m) | |
| Listed assets | 7,892 | - 13% | 9,105 | ||||
| SGS | 14.65 | 92.25 | 2,561 | - 27% | 19.13 | 96.56 | 3,501 |
| Pernod Ricard | 6.83 | 91.26 | 1,573 | - 16% | 6.83 | 109.00 | 1,879 |
| Imerys | 54.72 | 29.94 | 1,392 | + 6% | 54.72 | 28.20 | 1,311 |
| adidas | 3.51 | 216.70 | 1,369 | - 8% | 3.51 | 236.80 | 1,496 |
| Concentrix | 13.64 | 51.45 | 4612 | + 24% | 13.54 | 41.65 | 3712 |
| Umicore | 15.92 | 9.55 | 375 | - 4% | 15.92 | 9.96 | 391 |
| Ontex | 19.98 | 8.49 | 140 | + 1% | 19.98 | 8.39 | 138 |
| TotalEnergies | 0.01 | 59.66 | 16 | + 12% | 0.01 | 53.37 | 14 |
| GEA | 0.06 | 55.90 | 6 | + 17% | 0.06 | 47.82 | 5 |
| Direct private assets | 3,470 | + 5% | 3,305 | ||||
| Affidea | 99.12 | 1,592 | + 8% | 99.12 | 1,477 | ||
| Sanoptis | 84.803 | 1,017 | + 5% | 83.28 | 969 | ||
| Voodoo | 15.01 | 303 | + 0% | 15.04 | 302 | ||
| Parques Reunidos | 23.00 | 296 | - 0% | 23.00 | 296 | ||
| Canyon | 49.844 | 261 | + 0% | 49.764 | 261 | ||
| GBL Capital | 2,810 | + 2% | 2,743 | ||||
| Sienna Investment Managers5 | 136 | - 1% | 137 | ||||
| Portfolio | 14,308 | - 6% | 15,290 | ||||
| Treasury shares | 999 | + 17% | 851 | ||||
| Gross debt | (3,070) | - | (3,070) | ||||
| Concentrix note | 4 | + 1% | 4 | ||||
| Gross cash | 3,145 | + 21% | 2,606 | ||||
| Net asset value | 15,385 | - 2% | 15,681 | ||||
| Net asset value (€ p.s.)6 | 111.17 | - 2% | 113.30 | ||||
| Stock price (€ p.s.) | 68.80 | + 4% | 66.05 | ||||
| Discount | 38.1% | - 359 bps | 41.7% |
6 Based on 138,400,000 shares as of March 31, 2025 and as of December 31, 2024
1 Share price converted in € based on the ECB fixing of (i) 0.9531 CHF/€ as of March 31, 2025 and 0.9412 CHF/€ as of December 31, 2024 for SGS and (ii) 1.0815 USD/€ as of March 31, 2025 and 1.0389 USD/€ as of December 31, 2024 for Concentrix
2 Including the market value of earn-out shares at March 31, 2025, i.e., €10m, and at December 31, 2024, i.e., €5m
3 GBL's economic ownership would be 70.29% on a fully-diluted basis
4 GBL's ownership in Canyon, excluding shares held by GBL Capital (additional indirect ownership of 1.37% as of March 31, 2025 and as of December 31, 2024)
5 Valued at the fair market value of the acquired management companies
A.2. Investment categories
| Investment category | % of portfolio |
Investment | Strategy |
|---|---|---|---|
| Listed assets 2012 START OF THE PORTFOLIO REBALANCING |
• Leading companies in their sector, with a clear and sustainable business model • Majority or minority shareholdings with influence, enabling a position as a reference shareholder and an engaged role in the governance • Equity investments between €250m and €2bn |
• NAV growth • Diversification within this investment category • Cash flow generation to ensure the GBL dividend |
|
| Direct private assets 2019 START OF ACTIVITY |
• Leading companies in their sector, with a clear and sustainable business model • Mainly majority shareholdings • Equity investments from €300m and €1bn |
• NAV growth • Consolidation opportunities • Attractive returns thanks to agile structures • Less replicable portfolio |
|
| Indirect private assets 2013 START OF ACTIVITY (FORMERLY SIENNA CAPITAL) |
• Fund commitments and co-investments alongside funds in which GBL is invested • Private equity funds typically, but also other strategies (e.g., private credit, structured equity, secondaries) • Limited exposure to venture capital, growth equity and hedge funds • Commitments/investments of up to €50m, with flexibility to invest higher amounts in exceptional circumstances |
• NAV growth • Portfolio diversification • Downside protection • Meaningful contributor to GBL's cash earnings |
|
| Asset management 2021 START OF ACTIVITY |
• Platform for third-party asset management • Close to €40bn under management at the end of March 2025 |
• Generation of recurring revenues • Single platform combining synergistic areas of expertise (Listed Assets, Private Credit, Real Estate, Hybrid Assets) • Regular fundraising across strategies • Benefits from GBL's network |
A.3. Listed assets
Listed assets – NAV evolution
The most significant impact on the evolution of the NAV came from a reduction in the group's stake in SGS, representing €772m, as GBL crystallized value on its investment. The change in fair value came to - €441m. In a difficult market environment, the share price performances of Concentrix and Imerys were notably strong over the period.
| Listed assets – NAV evolution | |
|---|---|
| €m | Q1 2025 |
| NAV, beginning of period | 9,105 |
| Acquisitions | - |
| Disposals | (772) |
| Change in fair value | (441) |
| NAV, end of period | 7,892 |
| Listed assets – contribution to NAV | ||
|---|---|---|
| Q1 2025 | ||
| €m | NAV | Change in fair value |
| SGS | 2,561 | (168) |
| Pernod Ricard | 1,573 | (306) |
| Imerys | 1,392 | 81 |
| adidas | 1,369 | (127) |
| Concentrix (ordinary + earn-out shares) | 461 | 90 |
| Umicore | 375 | (16) |
| Ontex | 140 | 2 |
| TotalEnergies | 16 | 2 |
| GEA | 6 | 1 |
| Total | 7,892 | (441) |
Listed assets – highlights
GBL continues to actively support its portfolio companies, with ongoing operational progress across the portfolio1 . Examples include:
- SGS: operates in the testing, inspection and certification ("TIC") sector and with a B-to-B model, both of which are resilient. Moreover, the sector is fragmented and offers attractive consolidation opportunities. The group continues to make progress toward its mid-term objectives2 ,which include, among other elements, + 5% to + 7% organic sales growth annually and dynamic M&A. The group has reported:
- o + 5.6% organic sales growth in Q1 2025
- o 8 acquisitions year to date3
As such, the group has confirmed its 2025 outlook:
- o + 5% to + 7% organic sales growth
- o 1% to 2% bolt-on contribution to annual sales growth
- o at least 30 bps improvement in adjusted operating margin (in reported terms)
- o strong free cash flow generation
- Pernod Ricard: is successfully navigating cyclical headwinds, in particular those pertaining to tariffs, that are impacting the spirits sector. Despite softness in its organic net sales evolution for the 9M 20254 , the company has implemented efficiency measures and expects to sustain its FY 2025 organic operating profit5 margin and dividend per share. The group anticipates progressive improvement in organic net sales in FY 2025 and FY 2026, and from FY 2027 to FY 2029, + 3% to + 6% growth and organic operating profit5 margin expansion.
- Imerys: announced the acquisition of Chemviron's European diatomite and perlite business, in line with the group's strategic roadmap to expand into high-growth end markets. For 2025, the company expects the direct impact of new or increased tariffs to be very limited6 .
- adidas: reported a Q1 2025 increase of currency-neutral sales of + 13%, with double-digit growth across all markets and channels. Excluding Yeezy sales in Q1 2024, currency-neutral sales grew + 17%. Moreover, the operating margin increased significantly. For FY 2025, the company anticipates high-single-digit growth of currency-neutral sales and market share gains.
- Umicore: held its Capital Markets Day at the end March 2025, during which the group presented its roadmap to 2028. The focus will be financial discipline, which includes balancing capital allocation and maximizing the cash generation potential of the foundation businesses. The group's Q1 2025 performance was solid. Efficiencies are on track, and the foundation businesses remain robust. As such, the group has reconfirmed its FY 2025 guidance of adjusted EBITDA in the range of €720m to €780m.
- Concentrix: published an encouraging Q1 20257 , with revenue and profit exceeding expectations. The group reiterated its FY 2025 guidance8 for free cash flow and returns to shareholders.
1 Please refer to company-specific publications for more detail
2 Through 2027 as part of Strategy 27
3 Ending April 24, 2025
4 Ending March 31, 2025
5 Profit from Recurring Operations ("PRO")
6 Based on information as at April 28, 2025
7 Ending February 28, 2025
8 Adjusted free cash flow of approximately \$625m-\$650m and shareholder returns through share repurchases and dividends of \$240m
A.4. Direct private assets
Direct private assets – NAV evolution
Value creation of + €149m was the principal driver in the NAV increase of the direct private assets.
| Direct private assets – NAV evolution | |
|---|---|
| €m | Q1 2025 |
| NAV, beginning of period | 3,305 |
| Acquisitions | 17 |
| Disposals | (0) |
| Change in fair value | 149 |
| Affidea | 116 |
| Sanoptis | 32 |
| Voodoo | 2 |
| Parques Reunidos | (0) |
| Canyon | (1) |
| NAV, end of period | 3,470 |
| consolidated assets | 2,871 |
| non-consolidated assets or assets accounted for using the equity method |
599 |
Direct private assets – valuation of consolidated companies
The healthcare platforms reported an increase in NAV in Q1 2025, driven by robust business development both organically and from M&A. For Canyon, the challenging market environment and the company's one-off quality issues on certain models, which are actively being addressed, impacted its valuation.
| Consolidated private assets – valuation1 | |||||||
|---|---|---|---|---|---|---|---|
| €m | MoIC | NAV 3/31/2025 |
NAV 3/31/2024 |
Variation 1 year |
NAV 12/31/2024 |
Variation 3 months |
Major Drivers |
| Affidea (2022) |
1.6x | 1,592 | 1,216 | + 376 | 1,477 | + 116 | Ongoing strong growth, both organic and from M&A; Solid cash flow generation, with financial leverage in line with that at the time of acquisition; Conservative approach on multiples |
| Sanoptis (2022) |
1.4x | 1,017 | 845 | + 172 | 969 | + 48 | High growth from organic initiatives and M&A, combined with significantly expanded platform capabilities (e.g., leading positions in 4 of its 6 geographies; substantial reinforcement of shared functions); Valuation underpinned by a capital raise in preferred equity in March 2025 |
| Canyon (2021) |
0.7x | 261 | 454 | - 192 | 261 | + 0 | Continued industry headwinds (e.g., aggressive discounting) and one-off quality issues related to certain e-mountain bike models muted revenue growth and profitability |
1 The direct private assets are valued quarterly at their fair value, using a multi-criteria approach (e.g., DCF, multiples, trading comps), in line with IPEV Valuation Guidelines. Acquisitions are held at cost for 12 months, provided this is the best estimate of fair value
Direct private assets – highlights
Consolidated private assets reported double-digit sales growth of + 14% on a combined basis, fueled by organic growth and M&A of the healthcare assets.
| Consolidated private assets, performance Q1 2025 vs. Q1 2024 | ||||
|---|---|---|---|---|
| Affidea | Sanoptis1 | Canyon | Total | |
| Sales, €m | 298 | 195 | 172 | 665 |
| Growth, % | 20% | 21% | (1)% | 14% |
| Organic growth, % | 12%2 | 10%3 | (1)% | 8% |
Source: non-audited company reporting
The healthcare assets, which account for 75% of the NAV of the direct private assets, continued their strong momentum throughout the quarter. As for Canyon, the environment for the bicycle sector remained difficult, but thanks to solid brand equity and a good performance in certain segments, the group's sales were nearly stable.
- Affidea: sales growth of + 20% was driven by ongoing dynamic commercial momentum and clinic acquisitions, including two major platform deals in Switzerland in January and March:
- o IHZD, a premier pathology operator; and
- o Uroviva, the country's foremost urology network
In February, Affidea successfully repriced its debt, raising an additional €125m Term Loan B.
- Sanoptis: sales grew + 21%, driven by organic volume growth combined with accretive M&A. Organic growth of + 10% was supported by continued investments in state-of-the-art equipment and talent, resulting in significant productivity gains across operations. Sanoptis continues to execute its international expansion strategy, having secured leading market positions in 4 out of its 6 geographies. In March 2025, Sanoptis closed a €250m capital raise in preferred equity with Carlyle. Underpinning the platform value of the group, this partnership will further accelerate identified growth initiatives and the buy-and-build strategy.
- Canyon: sales were slightly down, contextualized by a challenging market environment marked by oversupply in certain categories and aggressive discounting, especially in electric and non-electric mountain and urban bikes. Growth across road and gravel segments remains robust, demonstrating the strength of the brand.
1 Includes annualization of closed clinic M&A
2 Like-for-like growth, excluding impact of acquisitions done in the latest period
3 Uses the perimeter of the earliest period annualized for closed clinic M&A
formerly Sienna Capital
A.5. Indirect private assets
| GBL Capital – NAV evolution | ||||||
|---|---|---|---|---|---|---|
| €m | NAV 12/31/2024 |
Investments | Distributions | Change in fair value |
Other | NAV 3/31/2025 |
| Funds | 1,477 | 91 | (9) | 4 | - | 1,562 |
| Co-investments | 1,008 | 0 | - | (9) | - | 1,000 |
| Sienna branded funds and co-investments | 234 | 13 | - | (1) | - | 247 |
| Other (GBL Capital cash & working capital) | 23 | 3 | - | - | (24) | 1 |
| Total | 2,743 | 107 | (9) | (6) | (24) | 2,810 |
Indirect private assets
| Total GBL Capital | 2,742.6 | 107.5 | (9.2) | (6.1) | (24.4) | 2,810.4 |
|---|---|---|---|---|---|---|
| Other (GBL Capital cash and working capital) |
22.8 | 2.9 | - | - | (24.4) | 1.2 |
| co-investments | ||||||
| Sienna branded funds and | 234.4 | 13.2 | - | (0.7) | - | 246.9 |
| Sienna Private Assets Allocation | 10.7 | - | - | (0.1) | - | 10.6 |
| Sienna Venture Capital | 45.4 | 1.2 | - | (1.1) | - | 45.5 |
| Sienna Private Equity | 89.4 | - | - | (0.5) | - | 88.9 |
| Sienna Private Credit | 88.9 | 12.0 | - | 1.1 | - | 102.0 |
| Co-investments | 1,008.4 | 0.3 | - | (9.0) | - | 999.7 |
| Cosmetics company | - | - | - | - | - | - |
| Klarna | 2.6 | - | - | - | - | 2.6 |
| Sagard NewGen Pharma | 5.0 | - | - | - | - | 5.0 |
| Canyon | 7.2 | - | - | (0.0) | - | 7.2 |
| Telenco | 8.8 | - | - | 0.2 | - | 9.0 |
| Globality | 10.0 | - | - | - | - | 10.0 |
| Illumio | 25.9 | - | - | (8.5) | - | 17.4 |
| Transcarent | 18.7 | - | - | 0.5 | - | 19.2 |
| Ginger | 27.2 | - | - | - | - | 27.2 |
| Elsan | 32.4 | - | - | - | - | 32.4 |
| ADIT | 33.4 | - | - | - | - | 33.4 |
| Wella | 37.0 | - | - | (1.5) | - | 35.6 |
| Commure | 42.3 | - | - | (1.7) | - | 40.7 |
| CEVA | 48.8 | - | - | - | - | 48.8 |
| svt | 57.5 | - | - | 0.6 | - | 58.1 |
| Proalpha | 69.1 | - | - | (0.9) | - | 68.2 |
| opseo | 71.6 | - | - | 2.1 | - | 73.8 |
| Flora Food Group Moeve |
399.6 111.1 |
- 0.3 |
- - |
- 0.2 |
- - |
399.6 111.6 |
| Funds | 1,477.0 | 91.1 | (9.2) | 3.6 | - | 1,562.5 |
| Bregal | 1.2 | - | - | (0.5) | - | 0.7 |
| Warburg | 3.9 | 1.8 | - | (0.2) | - | 5.5 |
| Dover | 6.0 | 0.9 | (0.1) | (0.2) | - | 6.6 |
| SPC | 9.5 | - | - | (0.0) | - | 9.5 |
| Portage Capital Solutions | 8.4 | 2.7 | - | 0.5 | - | 11.5 |
| Alto Capital V | 12.8 | 0.4 | - | (0.0) | - | 13.2 |
| Innovius | 11.6 | 2.2 | - | (0.5) | - | 13.2 |
| AlpInvest | - | 13.2 | - | 1.8 | - | 15.0 |
| Mérieux | 15.1 | - | - | (0.0) | - | 15.1 |
| PrimeStone | 15.6 | - | - | 0.6 | - | 16.2 |
| Epiris | 16.6 | - | (1.3) | 2.9 | - | 18.1 |
| CIEP II Griffin |
22.8 17.5 |
0.6 1.4 |
(2.1) - |
(0.2) 0.5 |
- - |
21.0 19.4 |
| 468 Capital | 25.2 | 3.2 | - | (2.0) | - | 26.5 |
| Stripes | 51.9 | 11.5 | - | 2.9 | - | 66.2 |
| ICONIQ | 65.8 | 7.3 | - | (0.5) | - | 72.5 |
| C2 Capital | 77.8 | 3.2 | - | (5.9) | - | 75.1 |
| Kartesia | 81.6 | - | (4.3) | 2.2 | - | 79.5 |
| Marcho Partners | 118.4 | - | (0.0) | (2.9) | - | 115.4 |
| BDT & MSD | 124.7 | - | - | (3.7) | - | 121.0 |
| Apheon | 135.7 | - | (0.8) | 0.5 | - | 135.4 |
| Backed | 157.1 | 0.2 | - | (4.1) | - | 153.2 |
| Human Capital | 213.4 | 10.8 | - | 2.3 | - | 226.6 |
| Sagard | 284.6 | 31.8 | (0.5) | 10.1 | - | 325.9 |
| €m | 12/31/2024 | Investments | Distributions | ∆ fair value | Other | 3/31/2025 |
| GBL Capital, NAV |
A.6. Asset management
Sienna Investment Managers ("Sienna IM") is a multi-expertise pan-European asset manager, building innovative investment strategies spanning listed and private assets, with a long-term perspective and a strong ESG focus. Sienna IM's third-party assets under management total close to €40bn as of the end of March 2025.
Highlights
- Listed Assets:
- o launch of the fourth hybrid asset fund comprising 35% private assets for the French collective savings market under the Green Industry Act (Loi relative à l'industrie verte)
- Private Credit:
- o launch of the first financing strategy focused on European defense-related SMEs and midcaps, Sienna Hephaistos (target size: €500m - €1bn)
- o first loan under the Sienna Biodiversity Private Credit Fund granted to GreenPods,
- a European regenerative agriculture developer
- Real Estate:
- o three new acquisitions in Italy (new country), the UK and the Netherlands
- ESG:
- o SBTi validation of Sienna IM's near-term science-based emissions reduction targets to combat climate change and limit global warming to 1.5°C by 2050
Performance
| Sienna Investment Managers – Net economic result | |
|---|---|
| €m | 3/31/2025 |
| Revenues | 301 |
| Operating expenses | (28) |
| EBITDA | 2 |
| Financial results | 1 |
| Other | (4) |
1 Includes €3m of fees from GBL Capital
Appendix B: Key data – Economic presentation of the financial position
B.1. Economic presentation of the financial position & cash flow
GBL held net cash of €79m on March 31, 2025, compared to net debt of - €460m on December 31, 2024. This evolution mainly reflects divestments and distributions of €782m and cash earnings of €101m, partially offset by investments of - €234m (including share buybacks) and adjustments of - €109m1 .
| €m | Gross cash | Gross debt | (Net debt)/Net cash |
|---|---|---|---|
| Position as of December 31, 2024 | 2,609.7 | (3,070.0) | (460.2) |
| Cash earnings | 100.8 | - | 100.8 |
| Investments | (234.1) | - | (234.1) |
| GBL (share buybacks) | (109.7) | - | (109.7) |
| GBL Capital | (107.5) | - | (107.5) |
| Other | (16.9) | - | (16.9) |
| Divestments/distributions | 781.8 | - | 781.8 |
| SGS | 772.1 | - | 772.1 |
| GBL Capital | 9.2 | - | 9.2 |
| Other | 0.5 | - | 0.5 |
| Other | (109.2)1 | - | (109.2) |
| Position as of March 31, 2025 | 3,149.1 | (3,070.0) | 79.1 |
The LTV1 stood at 0.0%. This compares to 3.0% at the end of December 2024.
1 Includes mainly (i) the SGS dividend approved by the Annual General Meeting of Shareholders on March 26, 2025 but paid in April 2025 (- €98m), (ii) the elimination of the dividend received from GBL Capital presented both in cash earnings and current and historical distributions (- €25m), (iii) the net impact of the group's carried interest scheme (- €6m) and (iv) some timing differences between fund distributions received by GBL Capital and the upstreaming of those distributions to GBL (€18m)
B.2. Balance sheet management
| €m | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Institutional bonds | (2,000) | (2,000) |
| Exchangeable bonds into Pernod Ricard shares | (500) | (500) |
| Convertible bonds into GBL shares | (500) | (500) |
| Other | (70) | (70) |
| Gross debt | (3,070) | (3,070) |
| Gross cash (excluding treasury shares) | 3,145 | 2,606 |
| Concentrix note | 4 | 4 |
| (Net debt)/Net cash | 79 | (460) |
The weighted average maturity of the gross debt is 3.4 years at the end of March 2025 (3.6 years at the end of December 2024).
The gross debt does not include the external investment commitments of GBL Capital, which total €848m at the end of March 2025 (€893m at the end of December 2024).
The Concentrix note was monetized in Q3 2024. GBL has a residual receivable of €4m as of March 31, 2025.
As of March 31, 2025, committed credit lines amount to €2,450m, fully undrawn, and mature in 2029.
The liquidity profile (gross cash and undrawn committed credit lines) amounts to €5,595m at the end of March 2025, compared to €5,056m at the end of December 2024.
Finally, as of March 31, 2025, the 14.5m treasury shares correspond to 10.5% of the shares representing the capital on this date and are valued at €999m.
B.3. Economic presentation of consolidated results1
| €m | March 31, 2025 | March 31, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||
| Group's share | ||||||||
| Cash earnings |
Mark to market and other non-cash items |
Operating companies (associated or consolidated) |
GBL Capital |
Sienna Investment Managers |
Eliminations, capital gains, impairments and reversals |
Consolidated | Consolidated | |
| Profit (loss) of associates and consolidated operating companies |
- | - | 35.2 | (3.9) | (0.1) | - | 31.2 | 17.9 |
| Net dividends from investments |
126.4 | 2.2 | - | - | - | (25.2) | 103.3 | 130.3 |
| Interest income (expenses) | (12.9) | (1.3) | - | 1.1 | 0.2 | - | (12.9) | (2.3) |
| Other financial income (expenses) |
0.5 | 9.2 | - | (0.5) | - | - | 9.2 | 55.0 |
| Other operating income (expenses) |
(13.1) | (8.7) | - | (12.7) | (1.1) | - | (35.7) | (36.4) |
| Gains (losses) from disposals, impairments and reversal of non-current assets |
- | - | - | (0.7) | (0.0) | (0.0) | (0.7) | 29.8 |
| Taxes | (0.1) | - | - | (0.1) | - | - | (0.2) | (0.2) |
| IFRS consolidated net result 2025 (Group's share) (3 months) |
100.8 | 1.3 | 35.2 | (16.9) | (1.0) | (25.2) | 94.2 | |
| IFRS consolidated net result 2024 (Group's share) (3 months) |
148.7 | (11.7) | (12.1) | 108.6 | (7.4) | (32.1) | 194.1 |
Cash earnings (€101m compared to €149m)
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Net dividends from investments | 126.4 | 160.4 |
| Interest income (expenses) | (12.9) | 2.2 |
| GBL Capital interests | 0.0 | 4.7 |
| Other interest income (expenses) | (12.9) | (2.5) |
| Other financial income (expenses) | 0.5 | (1.8) |
| Other operating income (expenses) | (13.1) | (12.0) |
| Taxes | (0.1) | (0.1) |
| Total | 100.8 | 148.7 |
1 The definitions of alternative performance indicators and, where applicable, their calculation methods can be found in the glossary available on GBL's website: www.gbl.com/en/glossary
Net dividends from investments as of March 31, 2025 (€126m compared to €160m as of March 31, 2024) include the dividend proposed by SGS at its General Meeting on March 26, 2025, in relation to the fiscal year 2024, of CHF 3.20 per share with an option for a payment, in part or in full, in shares (CHF 3.20 per share in 2024 with the similar option); GBL chose a payment in shares, corresponding to a total contribution to cash earnings of €98m, representing a decrease of - €28m in comparison with last year mainly as a consequence of the reduction in the group's stake in SGS in Q1 2025. Net dividends from investments also include a dividend received from GBL Capital for €25m (€32m as of March 31, 2024).
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| SGS | 98.1 | 125.6 |
| GBL Capital | 25.2 | 32.1 |
| Concentrix | 2.7 | 2.3 |
| TotalEnergies | 0.4 | 0.3 |
| Total | 126.4 | 160.4 |
Interest income (expenses) (- €13m) mainly comprise interest expenses related to the institutional bonds and the Pernod Ricard exchangeable bond (- €14m compared to - €16m as of March 31, 2024).
Mark to market and other non-cash items (€1m compared to - €12m)
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Net dividends from investments | 2.2 | 2.0 |
| Interest income (expenses) | (1.3) | (1.3) |
| Other financial income (expenses) | 9.2 | (7.0) |
| Other operating income (expenses) | (8.7) | (5.4) |
| Total | 1.3 | (11.7) |
Other financial income (expenses) include the mark to market of money market funds, derivatives and the Concentrix earn-out shares.
Other operating income (expenses) notably include the impact of the group's carried interest scheme implemented in January 2024 (- €6m).
Operating companies (associates or consolidated) (€35m compared to - €12m)
In accordance with accounting principles, GBL includes in its accounts its share of the net results of the participations in which it holds the majority of the capital or on which it has a significant influence.
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Profit (loss) of associates and consolidated operating companies |
35.2 | (12.1) |
| Total | 35.2 | (12.1) |
Profit (loss) of associates and consolidated operating companies amounts to €35m compared to - €12m as of March 31, 2024.
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Affidea | 84.1 | (8.2) |
| Imerys | 12.9 | 37.8 |
| Canyon | (2.1) | (2.9) |
| Sanoptis | (21.2) | (11.9) |
| Parques Reunidos/Piolin II | (38.5) | (27.0) |
| Total | 35.2 | (12.1) |
Affidea (€84m compared to - €8m)
As of March 31, 2025, Affidea's contribution to GBL's result amounts to €84m (- €8m as of March 31, 2024), based on a net result of €85m (- €8m as of March 31, 2024) and taking into account an integration rate of 98.98% (98.98% as of March 31, 2024).
The net result of Affidea notably includes a one-off IFRS 9 impact of €82m resulting from the renegotiation of the debt conditions. This impact will be offset with the amortization of the debt over its remaining term.
Imerys (€13m compared to €38m)
Net current income, group's share, decreases 62.8% to €31m as of March 31, 2025 (€83m as of March 31, 2024). The adjusted EBITDA amounts to €128m (€188m as of March 31, 2024). The net result, group's share, amounts to €23m as of March 31, 2025 (€69m as of March 31, 2024).
Imerys contributes €13m to GBL's result as of March 31, 2025 (€38m as of March 31, 2024), reflecting the variation in net income, group's share, and the 54.98% consolidation rate for Imerys (54.90% as of March 31, 2024).
The press release relating to Imerys' results as of March 31, 2025 is available at www.imerys.com.
Canyon (- €2m compared to - €3m)
As of March 31, 2025, Canyon's contribution to GBL's result amounts to - €2m (- €3m as of March 31, 2024), based on a net result of - €4m (- €6m as of March 31, 2024) and taking into account an integration rate of 49.84% (48.72% as of March 31, 2024).
Sanoptis (- €21m compared to - €12m)
As of March 31, 2025, Sanoptis' contribution to GBL's result amounts to - €21m (- €12m as of March 31, 2024), based on a net result of - €16m and transaction costs of - €9m related to the capital raise (net result of - €14m as of March 31, 2024) and taking into account an integration rate of 84.73% (83.15% as of March 31, 2024).
Parques Reunidos/Piolin II (- €39m compared to - €27m)
As of March 31, 2025, the contribution amounts to - €39m (- €27m as of March 31, 2024), considering a net result of Piolin II of - €167m (- €117m as of March 31, 2024) and taking into account an integration rate of 23.10% (23.10% as of March 31, 2024).
GBL Capital (- €17m compared to €109m)
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Profit (loss) of associates and consolidated operating companies |
(3.9) | 30.9 |
| Interest income (expenses) | 1.1 | (3.2) |
| Other financial income (expenses) | (0.5) | 63.7 |
| IFRS 9 | 4.7 | 60.9 |
| Other | (5.2) | 2.8 |
| Other operating income (expenses) | (12.7) | (12.5) |
| Gains (losses) on disposals, impairments and reversals of non-current assets |
(0.7) | 29.8 |
| Taxes | (0.1) | (0.1) |
| Total | (16.9) | 108.6 |
The contribution to GBL's results as of March 31, 2025 of GBL Capital's investments consolidated or accounted for by the equity method amounts to - €4m, compared to €31m a year earlier:
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| AMB IV | 0.4 | 25.5 |
| Mérieux Participations 2 | (0.0) | 1.4 |
| Backed 1, Backed 2 and Backed Encore 1 | (4.1) | 3.9 |
| Other | (0.1) | 0.1 |
| Total | (3.9) | 30.9 |
Other financial income (expenses) include the change in fair value of the investments not consolidated or not accounted for by the equity method, in application of IFRS 9, for a total amount of €5m (€61m as of March 31, 2024), out of which mainly Sagard funds (€10m), Stripes (€3m), Epiris (€3m), Human Capital (€3m), C2 Capital (- €6m) and Illumio (- €8m). As of March 31, 2024, this section included mainly Marcho Partners (€8m), Epiris (€7m), Moeve (€7m), Sagard funds (€7m), Human Capital (€5m) and BDT & MSD (€4m).
The gains (losses) on disposals, impairments and reversals of non-current assets mainly included, as of March 31, 2024, the net capital gain following the sale of Beltaste-Vanreusel by AMB III (€30m).
Sienna Investment Managers (- €1m compared to - €7m)
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Profit (loss) of associates and consolidated operating companies |
(0.1) | (0.8) |
| Interest income (expenses) | 0.2 | - |
| Other operating income (expenses) | (1.1) | (6.5) |
| Gains (losses) on disposals, impairments and reversals of non-current assets |
(0.0) | - |
| Total | (1.0) | (7.4) |
The contribution to GBL's results as of March 31, 2025 of Sienna Investment Managers' investments consolidated or accounted for by the equity method amounts to - €0m, compared to - €1m a year earlier:
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Sienna Gestion | 1.1 | 0.6 |
| Sienna Real Estate | (1.0) | (1.2) |
| Sienna Private Credit | (0.2) | (0.3) |
| Total | (0.1) | (0.8) |
Eliminations, capital gains, impairments and reversals (- €25m compared to - €32m)
| €m | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Net dividends from investments | (25.2) | (32.1) |
| Gains (losses) from disposals, impairments and reversal | ||
| of non-current assets | (0.0) | - |
| Total | (25.2) | (32.1) |
Net dividends from investments (associates or consolidated companies) are eliminated and are related in 2025 to GBL Capital (- €25m compared to - €32m as of March 31, 2024).
B.4. IFRS presentation of consolidated results
The following table presents GBL's IFRS income statement broken down into six segments:
- Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies and associates;
- Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its three main business lines: Performance Minerals, Refractory, Abrasives & Construction and Solutions for the Energy Transition;
- Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer ("DTC") sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital Sàrl;
- Affidea: comprising the non-listed Affidea group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles below Celeste Capital Sàrl;
- Sanoptis: comprising the non-listed Sanoptis group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles below Sofia Capital Sàrl; and
- GBL Capital and Sienna Investment Managers ("SIM"): including
- GBL Capital, with its investment's activity, which includes investments in alternative funds and direct coinvestments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of Apheon MidCap Buyout III ("AMB III")
- Sienna Investment Managers, a third-party asset management activity, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.
The results of a segment include all the items directly attributable to it.
Appendix B: Key data – IFRS presentation of consolidated results
| €m | March 31, 2025 | March 31, 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Holding | Imerys | Canyon | Affidea | Sanoptis | Capital/SIM GBL |
Consolidated | Consolidated | |
| Share of profit (loss) of associates | (38.5) | - | - | - | - | (3.8) | (42.3) | 3.8 |
| Net dividends from investments | 103.3 | - | - | - | - | - | 103.3 | 130.3 |
| Other operating income (expenses) from investing activities |
(21.8) | - | - | (0.0) | - | (16.9) | (38.7) | (39.7) |
| Gains (losses) from disposals, impairments and reversals of non current assets from investing activities |
(0.0) | - | - | - | - | (0.7) | (0.7) | 36.1 |
| Financial income (expenses) from investing activities |
(4.5) | - | - | (0.0) | (0.0) | 0.4 | (4.2) | 50.9 |
| Profit (loss) before taxes from investing activities - continuing operations |
38.4 | - | - | (0.0) | (0.0) | (21.1) | 17.4 | 181.3 |
| Turnover | - | 870.7 | 172.3 | 303.9 | 196.1 | 26.5 | 1,569.5 | 1,529.0 - |
| Raw materials and consumables | - | (289.5) | (100.5) | (35.5) | (36.4) | (0.0) | (461.9) | (479.6) - |
| Employee expenses | - | (228.1) | (28.9) | (149.4) | (81.2) | (9.8) | (497.4) | (451.3) - |
| Depreciation on tangible and intangible assets |
- | (71.4) | (12.5) | (38.2) | (16.9) | (1.9) | (140.9) | (123.3) - |
| Other operating income (expenses) from operating activities |
- | (230.4) | (31.4) | (47.8) | (31.0) | (11.9) | (352.4) | (309.4) - |
| Gains (losses) from disposals, impairments and reversals of non current assets from operating activities |
- | (2.6) | - | (0.0) | - | (0.0) | (2.7) | (5.8) - |
| Financial income (expenses) from operating activities |
- | (15.6) | (4.3) | 57.1 | (45.8) | 0.6 | (7.9) | (85.3) - |
| Profit (loss) before taxes from consolidated operating activities - continuing operations |
- | 33.2 | (5.3) | 90.1 | (15.2) | 3.5 | 106.3 | 74.2 - |
| Income taxes | (0.1) | (10.1) | 1.3 | (4.6) | (9.8) | (0.7) | (24.0) | (32.2) - |
| Profit (loss) from continuing operations |
38.4 | 23.1 | (4.1) | 85.5 | (25.0) | (18.3) | 99.6 | 223.3 - |
| Consolidated profit (loss) for the period |
38.4 | 23.1 | (4.1) | 85.5 | (25.0) | (18.3) | 99.6 | 223.3 - |
| Attributable to the group | 38.4 | 12.9 | (2.1) | 84.1 | (21.2) | (17.8) | 94.2 | 194.1 - |
| Attributable to non-controlling interests | - | 10.3 | (1.9) | 1.4 | (3.8) | (0.5) | 5.5 | 29.2 - |
| Profit (loss) per share (€) | March 31, 2025 | March 31, 2024 |
|---|---|---|
| Basic - continuing operations | 0.76 | 1.50 |
| Basic - discontinued operations | - | - |
| Basic | 0.76 | 1.50 |
| Diluted - continuing operations | 0.73 | 1.45 |
| Diluted - discontinued operations | - | - |
| Diluted | 0.73 | 1.45 |