Delivering meaningful growth

FY 2023

Results

Presentation

March 15, 2024

2

Content

Table of contents

1.

Business update

4

- Overview

5

- Portfolio rotation

6

- Listed assets

7

- Private assets

8

- GBL Capital

11

- NAV evolution

12

2.

Financial update

13

3.

Outlook

16

4.

Appendix

19

3

Business update

4

Business update - overview

Focus on value creation

Solid operational performance

Strong double-digit growth

for private assets(1)

Sales

+ 24%

Organic sales

+ 18%

Good growth

for listed assets(2)

Organic sales

+ 6%

Significant milestones

14 acquisitions completed

3 new countries entered

106 service points added

+

creation of a

prominent global player(3)

Delivering value creation

+ €361m(4)

fair value increase of private assets

+ €267m

value creation for

Dynamic asset rotation

including portfolio streamlining with exits of listed assets totaling

€1.1bn(5)

€475m

Record cash returns

€1.2bn

delivered to shareholders

in FY 2023

€2.75

dividend per share

paid in FY 2023

€816m

share buybacks

in FY 2023

vs. €643m in FY 2022

€475m

  1. Consolidated private assets held as at December 31, 2023
  2. GBL's top 3 listed assets (SGS, Pernod Ricard and adidas), representing 71% of this asset class, for their FY 2023
  3. Transaction to combine private asset Webhelp with listed company Concentrix closed on September 25, 2023
  4. Affidea (+ €203m), Sanoptis (+ €122m), Canyon (+ €18m), Parques Reunidos (+ €5m), Voodoo (+ €14m)
  5. GEA, Holcim and Mowi. GBL holds a residual stake in GEA, valued at €4m as at December 31, 2023

5

Business update - portfolio rotation

Dynamic asset rotation

portfolio streamlining with over €1bn of listed asset exits

FY 2023 asset rotation(1)

Exits(1)

Crystallizing value(1)

€1.1bn

€110m(5)

(2)

(3)

Capital gains

(4)€76m(5)

  1. Examples may be non exhaustive
  2. Holcim disposal generated net proceeds of €534m (€567m cum dividend) and a net capital gain of €45m
  3. GEA disposal occurred through an accelerated bookbuilt offering, generating total proceeds of €365m and a net capital loss of €36m. GBL holds a residual stake in GEA, valued at €4m as at December 31, 2023
  4. Mowi disposals in H1 2023 and FY 2022 generated proceeds of €670m and a net capital gain of €70m; the annualized TSR of this investment was 8%

(5) Pernod Ricard disposals in H1 2023 and FY 2022 generated total proceeds of €500m and a capital gain of €331m based on the historical acquisition price

6

Business update - listed assets

Positive overall outlook for GBL's three largest listed assets

  • Mid-term2027 objectives:
    • Organic sales growth: + 5% to + 7% annually
    • Adjusted operating income margin:
      at least 1.5% by 2027
    • Cash conversion:
      to exceed 50% by 2027
  • New governance since January 2024

• Mid-term financial

• FY 2024:

framework:

•

Currency-neutral sales:

•

Net sales:

mid-single-digit growth

organic growth in the

vs. stability in FY 2023

•

upper end of + 4% to + 7%

•

Operating profit:

Operating margin:

€500m

organic improvement of

vs. €268m in FY 2023

+ 50 to + 60 bps

Please refer to company-specific publications for more detail

7

Business update - private assets

Strong double-digit sales growth(1)

+ 24%(1)

FY 2023 Sales

€856m

€606m

€791m

+ 19%

+ 33%

+ 22%

+ 17% organic

+ 11% organic

+ 22% organic

(1) Consolidated private assets held as at December 31, 2023

8

Business update - private assets

Value creation from all private assets: + €361m(1)

Confirming their status as platform companies since GBL's entry in July 2022

1.2x

1.2x

1.3x

MoIC

MoIC

MoIC

Completion of

Entry into 3 countries,

106 Canyon service points

14 acquisitions

raising to 5 the number

added in FY 2023

in FY 2023

of countries of operation

in FY 2023

(1) Affidea (+ €203m), Sanoptis (+ €122m), Canyon (+ €18m), Parques Reunidos (+ €5m) and Voodoo (+ €14m)

9

Business update - private assets

A successful start to 2024 for Affidea

January 2024

Appointment of

Frans van Houten (former CEO of Philips) as

non-executive Supervisory Board member

Affidea will leverage his experience in healthcare innovation and technology to enhance its aspirations for growth and digital advancement

February 2024

Successful repricing of debt and completion of a €200m Fungible Term Loan B in addition to the existing €770m Term Loan B

This credit facility further supports the company's growth strategy

March 2024

Announcement of the acquisition of Romanian-based

MedEuropa, a renowned cancer care provider (including radiotherapy)

This acquisition positions Affidea to become a

key player in cancer care in Europe

AI is high on the agenda as diagnostic imaging is expected to benefit. Solutions are being rolled out

to manage the patient pathway (e.g., bookings, follow-up scans) and to read scans, thereby increasing productivity

10

Attachments

Disclaimer

GBL - Groupe Bruxelles Lambert SA published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 08:27:02 UTC.