Groupe Bruxelles Lambert : Half-yearly report as of June 30, 2023

Delivering meaningful growth

Half-year report

as of June 30, 2023

July 31, 2023 Regulated information

GBL  - Half-year report as of June 30, 2023

Our purpose

LIVING UP TO OUR

RESPONSIBILITIES

In a world where business is often seen as short term, financially driven and disconnected from the concerns of society at large, GBL's values have never been more relevant.

When some are questioning the role of business and its impact on the planet, it is important to restate the centrality of wealth creation to our progress and our wellbeing.

This is why, now more than ever, we are focused on what impact we can have on the world, and how as an organization with influence, GBL is doing its part to create a more meaningful future.

THE VALUE OF A MULTIGENERATIONAL PERSPECTIVE

GBL's family heritage gives it a unique perspective. Our time horizons are multigenerational. More than an investor, GBL is an owner and steward of companies, deeply embedded in the fabric of the countries and societies in which it operates, proud to be associated with strong companies and contribute in a meaningful way to their success.

We have a clear duty to ensure that the benefits of that rich heritage of knowledge, knowhow and experience are passed on to the next generation of business leaders taking their rightful place at the top of the great companies of tomorrow.

AN ENGAGED INVESTOR

GBL believes that nurturing companies for the long term is a source of profitability. This is a conservative belief by nature. Conservative in the original sense of the term, in that its primary goal is to preserve and grow capital, investing for the long term but also ready to adapt when structural changes require it.

The depth and longevity of its relationships with the economic environment are what enable GBL to be a valuable contributor to the challenges companies are taking on. GBL is an informed voice at the table, showing respect, but also opening new perspectives where needed to make the changes that will propel them successfully into the next stage of their development.

FINDING A BETTER BALANCE

We recognize the importance of finding the right balance between our need to seek financial returns, with the imperative to preserve the integrity of our planet and the health of the people and society. GBL is committed to striking this balance and delivering meaningful growth.

GBL  - Half-year report as of June 30, 2023

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CONTENT

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2

3

4

CHAPTER 1

Company

profile05

1.1 Message from Ian Gallienne,

	CEO of GBL	06
1.2	Key figures as of June 30, 2023	08
1.3	Highlights and subsequent events	11
1.4	Net asset value	13

CHAPTER 2

Risk management 14

2 Description and ranking

of the risks

15

CHAPTER 3
Portfolio review	17
3.1	Portfolio distribution	18
3.2	Listed assets	20
3.3	Private assets	36
3.4	GBL Capital	51
3.5	Sienna Investment Managers	63

3.6 Portfolio reconciliation with IFRS

consolidated financial statements

66

CHAPTER 4

ESG67

4 Our commitments and achievements 68

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6

7

CHAPTER 5

Economic presentation of the consolidated result and financial position 72

5.1 Economic presentation of the

consolidated result	73
5.2 Financial position	77

CHAPTER 6

Half-year IFRS financial

statements 80

6.1 Interim condensed consolidated

	financial statements	81
6.2	Accounting policies	85
6.3	Notes	86
6.4	Statutory Auditor's report	107

CHAPTER 7
Other
information	108
7.1	Information for shareholders	109
7.2	Financial glossary	110
7.3	ESG glossary	114

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3

4

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6

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GBL  - Half-year report as of June 30, 2023

04

1.1 Message from Ian Gallienne,

	CEO of GBL	06
1.2	Key figures as of June 30, 2023	08
1.3	Highlights and
	subsequent events	11
1.4	Net asset value	13

1

Company 1 profile

GBL  - Half-year report as of June 30,2023

05