GBL: NAV down 8.2% at end-September as unlisted assets rise 28%
Groupe Bruxelles Lambert (GBL) published its accounts as at end-September on 5 November 2026. They show two diverging trajectories within its portfolio: the value of direct private assets rose 28% to €5.3bn, while the value of listed holdings fell 9% to €6.3bn.
Overall, the net asset value (NAV) fell 8.2% since end-2025 to €12.9bn, or €99.21 per share versus €105.37. Over the same period, the holding committed up to €2.4bn in equity to three new investments and moved from a positive net cash position to net debt.
Unlisted assets rise, listed holdings weigh on net asset value
The gap stems first from fair value changes. Listed holdings lost €523m over nine months, including €214m in the third quarter alone, in a market environment that GBL describes as volatile. Direct private assets, by contrast, generated €190m in value creation, including €60m in the same quarter.
Portfolio movements amplified this shift. Among listed assets, the exit from Umicore (€336m) and the reduction of the stake in Concentrix (€168m) more than offset the purchase of €350m of Recordati shares. In unlisted assets, the acquisitions of BUKO (€512m) and Rayner (€442m) were the main drivers of the increase.
Listed assets now account for 50% of the portfolio, compared with 42% for direct private assets, whose weight GBL aims to increase. Non-strategic assets, mainly GBL Capital, which is being sold, weigh 8%, after a 42% decline in their value to €969m.
Pernod Ricard and adidas down, Sanoptis drives value creation
In the listed portfolio, Pernod Ricard (-€214m) and adidas (-€151m) account for most of the fair value decline, ahead of secondary holdings (Concentrix, Ontex and Umicore among others, -€191m) and Imerys (-€62m). SGS, which represents 45% of listed assets, is the only major line to rise (+€87m).
In unlisted assets, Sanoptis contributed €159m to value creation, ahead of Affidea (+€32m) and Canyon (+€31m), while Parques Reunidos fell by €42m.
According to unaudited data, the companies controlled or co-controlled by GBL recorded a combined 16% increase in sales over nine months, including 8% organic growth, and a 19% rise in EBITDA.
Canyon, whose recovery GBL highlights, posted a 10% increase in sales and a 51% rise in adjusted EBITDA. A year earlier, these two indicators had fallen by 10% and 29% respectively.
Net debt of €517m and €888m returned to shareholders
These transactions moved GBL from a net cash position of €333m at end-2025 to net debt of €517m at end-September. This reflects €1,563m of investments and the payment of the dividend (€665m), partly offset by €778m of disposals and distributions.
The loan-to-value (LTV) ratio thus rose to 4.1%, compared with 0.0% at end-2025. Liquidity stands at €4.5bn, and no significant maturity falls due before 2029, following two bond issues of €500m each.
Shareholder returns amounted to €888m, comprising a dividend of €5.125 per share, which is to remain stable thereafter, and share buybacks. These buybacks reduced the number of shares issued from 133.2 to 129.8 million.
This resulted in a 0.9% increase in cash earnings per share, to €2.35, while their total amount fell 1.7% to €306m. The board of directors also approved a ninth share buyback programme of €500m.
Consolidated net income, Group share, amounted to €29m, compared with a loss of €209m a year earlier. This reversal is mainly due to GBL Capital, whose contribution moved from -€303m to +€42m.
Managing director Johannes Huth stated: “We have been disciplined in redeploying capital, investing selectively up to €2.4 billion in resilient assets with strong cumulative growth potential.” He added that the group maintained “a solid financial profile” to support its future investments and shareholder returns.
Capital redeployment also continued after the closing date with the tender offer for Recordati, a holding classified among GBL's listed assets.
